By Marisa Wong
Madison, Wis., Nov. 19 - Ping An Insurance (Group) Co. of China, Ltd. announced it priced RMB 26 billion of six-year A share convertible corporate bonds at par.
The bonds have a coupon of 0.8% for the first year, 1% for the second year, 1.2% for the third year, 1.8% for the fourth year, 2.2% for the fifth year and 2.6% for the sixth year.
The initial conversion price will be RMB 41.33 per A share.
At maturity, the bonds will be redeemed at 108, including accrued interest.
China International Capital Corp. Ltd. and Credit Suisse Founder Securities Ltd. are the joint sponsors, and China International Capital Corp. Ltd., Credit Suisse Founder Securities Ltd., Goldman Sachs Gao Hua Securities Co. Ltd., Guotai Junan Securities Co., Ltd. and J.P. Morgan First Capital Securities Co., Ltd. are the joint lead underwriters.
The company announced on Nov. 14 that it received approval of the convertible bonds from the China Securities Regulatory Commission.
The notes will be issued on Friday.
Ping An is a Shenzhen, China-based holding company whose subsidiaries specialize in insurance and financial services.
| Issuer: | Ping An Insurance (Group) Co. of China, Ltd.
|
| Issue: | A share convertible corporate bonds
|
| Amount: | RMB 26 billion
|
| Maturity: | Nov. 22, 2019
|
| Coupon: | 0.8% initially, stepping up to 1% in year two, to 1.2% in year three, to 1.8% in year four, to 2.2% in year five and to 2.6% in year six
|
| Price: | Par of RMB 100
|
| Conversion price: | RMB 41.33
|
| Redemption at maturity: | At 108
|
| Underwriters: | China International Capital Corp. Ltd., Credit Suisse Founder Securities Ltd., Goldman Sachs Gao Hua Securities Co. Ltd., Guotai Junan Securities Co., Ltd. and J.P. Morgan First Capital Securities Co., Ltd. (joint lead) with China International Capital Corp. Ltd. and Credit Suisse Founder Securities Ltd. as joint sponsors
|
| Settlement date: | Nov. 22
|
| Stock symbol: | Hong Kong: 2318; Shanghai: 601318
|
| Stock price: | HK$69.50 at close Nov. 18; RMB 38.18 at close Nov. 18
|
| Market capitalization: | HK$467.05 billion; RMB 367.2 billion
|
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