China's PICC to issue 2 billion yuan to 5 billion yuan of 10-year subordinated debt

By Reshmi Basu

New York, Aug. 21 - PICC Property and Casualty Co. Ltd. said it has received approval from its board of director on its proposal to issue 2 billion yuan to 5 billion yuan of 10-year subordinated debt.

Proceeds will be used toward the early repayment of a 2 billion yuan 20-year loan from the China Development Bank. The remaining amount will be used to increase the company's solvency margins.

The issue is subject to shareholder approval as well as approval from the China Insurance Regulatory Commission.

The Beijing-based group's principal activities are the underwriting of vehicle, commercial, homeowners, cargo and liability insurance.

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