By Marisa Wong
Madison, Wis., Oct. 24 – PICC Property and Casualty Co. Ltd. has issued RMB 8 billion of subordinated term debt, according to a notice.
The 10-year notes have an initial coupon of 5¾%. The company has the option to redeem the notes at the end of five years. If the call option is not exercised, the coupon will step up to 7¾% for the remaining five years.
The company said the issue of the subordinated term debt has raised its solvency margin.
PICC Property and Casualty is a subsidiary of People’s Insurance Co. (Group) of China Ltd. The insurance company is based in Beijing.
| Issuer: | PICC Property and Casualty Co. Ltd.
|
| Issue: | Subordinated term debt
|
| Amount: | RMB 8 billion
|
| Maturity: | 10 years
|
| Coupon: | 5¾% for first five years, steps up to 7¾% for remaining five years if notes are not called
|
| Call option: | At the end of fifth year
|
| Announcement date: | Oct. 24
|
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