By Marisa Wong
Los Angeles, March 23 – People’s Insurance Co. (Group) of China Ltd. (PICC) announced that subsidiary PICC Property and Casualty Co. Ltd. issued RMB 8 billion of 10-year capital supplementary bonds.
The bonds carry a coupon of 3.59% 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 4.59% for the remaining five-year term.
The insurance company is based in Beijing.
| Issuer: | PICC Property and Casualty Co. Ltd.
|
| Issue: | Capital supplementary bonds
|
| Amount: | RMB 8 billion
|
| Maturity: | 10 years
|
| Coupon: | 3.59% for first five years; if bonds are not called, 4.59% for last five years
|
| Call option: | At end of fifth year
|
| Settlement date: | March 23
|
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