By Marisa Wong
Morgantown, W.Va., June 7 – People’s Insurance Co. (Group) of China Ltd. (PICC) announced it issued RMB 18 billion of 10-year capital supplementary bonds.
The bonds carry a coupon of 4.99% initially. At the end of the fifth year, the bonds will be callable. If the bonds are not redeemed, the interest rate will reset to 5.99% for the remaining five-year term.
The company said proceeds will be used to supplement capital, improve the company’s solvency and provide capital guarantee for its reform and development.
The insurance company is based in Beijing.
| Issuer: | People’s Insurance Co. (Group) of China Ltd.
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| Issue: | Capital supplementary bonds
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| Amount: | RMB 18 billion
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| Maturity: | 10 years
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| Coupon: | 4.99% for first five years; if bonds are not called, 5.99% for last five years
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| Call option: | At end of fifth year
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| Announcement date: | June 7
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