China's PICC board OKs up to RMB 5 billion 10-year subordinated debt

By Marisa Wong

Madison, Wis., Feb. 24 - PICC Property and Casualty Co. Ltd. announced that its board of directors has approved the issue of up to RMB 5 billion of 10-year subordinated term debt.

The company said the issue size and issue date will be determined after taking into account market conditions.

Proceeds will be used for raising the solvency margin of the company.

The debt issue is subject to shareholder approval at an upcoming general meeting.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.