By William Gullotti
Buffalo, N.Y., Sept. 5 – China Reinsurance (Group) Corp., via subsidiary China Life Reinsurance Co. Ltd., completed issuing RMB 5 billion of 10-year capital supplementary bonds in China’s interbank bond market on Monday, according to an announcement.
The issuance is for the entire amount approved and reported on Aug. 23.
The bonds have a coupon of 3.24% for the first five years. At the end of the fifth year, the bonds are conditionally callable. If the bonds are not called, the coupon will step up to 4.24% for the remaining five years.
The company said it is issuing the bonds to improve its solvency and for the steady development of its business.
The reinsurance company is based in Beijing.
Issuer: | China Life Reinsurance Co. Ltd.
|
Amount: | RMB 5 billion
|
Issue: | Capital supplementary bonds
|
Tenor: | 10 years
|
Coupon: | 3.24% for first five years; steps up to 4.24% if the notes are not called
|
Call option: | At end of fifth year
|
Settlement date: | Sept. 4
|
|
© 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.