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PICC Group raises 18B yuan in bond issue

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PICC Group raises 18B yuan in bond issue

People's Insurance Co. (Group) of China Ltd. raised 18 billion yuan via an issuance of capital supplementary bonds in China's interbank bond market.

The 10-year bonds bear a coupon of 4.99% per year for the first five years, the group said, adding that it has an option to redeem the bonds at the end of the fifth year. If the insurer does not exercise the redemption right, the coupon rate will be 5.99% per year for the remaining five years.

As of June 6, US$1 was equivalent to 6.39 Chinese yuan.