People's Insurance Co. (Group) of China Ltd. unit PICC Life Insurance Co. Ltd. raised 12 billion yuan through a bond issue in China's inter-bank bond market.

The 10-year bonds bear a coupon of 5.05% per annum for the first five years.

PICC Life 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 6.05% per annum for the remaining five years.

As of May 17, US$1 was equivalent to 6.37 Chinese yuan.