PICC Property& Casualty Co. Ltd. plans to issue 10-year capitalsupplementary bonds.
The company said April 27 that it will issue the bonds inone or more tranches in an aggregate amount not exceeding 15 billion yuan.
All proceeds from the planned issue will be used forsupplementing the capital and raising the solvency margin of the company.
The issue is subject to shareholder and regulatory approval.
As of April 26, US$1was equivalent to 6.50 Chinese yuan.