By Marisa Wong
Morgantown, W.Va., Nov. 23 – People’s Insurance Co. (Group) of China Ltd. (PICC) said its subsidiary, PICC Property and Casualty Co. Ltd., issued RMB 15 billion of 10-year capital supplementary bonds with a coupon of 3.65% for the first five years.
The bonds are callable at the end of the fifth year. If the bonds are not called, the coupon rate will step up to 4.65% for the remaining five years.
Proceeds will be used for supplementing capital and raising the subsidiary’s solvency margin, as previously announced.
The company first proposed the bonds in April 2016. The bonds were to be offered in one or more tranches.
The insurance company is based in Beijing.
| Issuer: | PICC Property and Casualty Co. Ltd.
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| Issue: | Capital supplementary bonds
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| Amount: | RMB 15 billion
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| Maturity: | 10 years
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| Coupon: | 3.65% for first five years; if bonds are not called at end of fifth year, coupon steps up to 4.65% for last five years
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| Call option: | At end of fifth year
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| Announcement date: | Nov. 23
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