By Susanna Moon
Chicago, Oct. 12 - PICC Property and Casualty Co. Ltd. said it issued RMB 5 billion of 10-year notes.
The notes have a coupon of 4.3% for the first five years with a call option at the end of the fifth year. After that, interest will be 6.3% per year.
As previously noted, proceeds will be used to improve the company's solvency margin.
On March 12 PICC said its board authorized an issue of up to 8 billion yuan of 10-year subordinated debt.
The issue was 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.
| Issuer: | PICC Property and Casualty Co. Ltd.
|
| Issue: | Subordinated notes
|
| Amount: | RMB 5 billion
|
| Maturity: | 10 years
|
| Coupon: | 4.3% for first five years, 6.3% thereafter
|
| Price: | Par
|
| Yield: | 4.3% for first five years, 6.3% thereafter
|
| Call option: | After five years
|
| Settlement date: | Oct. 12
|
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