Japan's Dai-ichi Life Insurance Co. Ltd. plans to issue US$2.5billion of perpetual bonds, the biggest issuance of such bonds by a local lifeinsurer, The Nikkei reported July 14,citing sources.

The bonds will be priced with a coupon of 4% for the first10 years. After 10 years, the bonds will have a variable coupon. The bonds haveno maturity date.

The company plans to sell the bonds to institutionalinvestors in the U.S., Europe and Asia.