By Wendy Van Sickle
Columbus, Ohio, Nov. 7 – New China Life Insurance Co. Ltd. said it completed the issuance of RMB 10 billion of 10-year capital supplementary bonds.
The interest rate is fixed at 3.4% for the first five years. The bonds are callable at the end of the fifth year. The rate after the first five years was not specified in a company notice announcing the issuance.
Proceeds from the issuance will be used to replenish the company’s capital and increase its solvency ratio.
The life and health insurance company is based in Beijing.
| Issuer: | New China Life Insurance Co. Ltd.
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| Amount: | RMB 10 billion
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| Issue: | Capital supplementary bonds
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| Tenor: | 10 years
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| Coupon: | 3.4% for first five years
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| Call option: | At end of year five
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| Settlement date: | Nov. 2
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