By William Gullotti
Buffalo, N.Y., May 2 – China Reinsurance (Group) Corp., via subsidiary China Property and Casualty Reinsurance Co. Ltd., completed issuing RMB 4 billion of 10-year capital supplementary bonds in China’s interbank bond market, according to an announcement on Tuesday.
The issuance is for the entire amount approved and reported on April 20.
The bonds have a coupon of 3.45% for the first five years. At the end of the fifth year, the bonds are conditionally callable. If the bonds are not called, the coupon will step up to 4.45% for the remaining five years.
The company said it is issuing the bonds to improve its solvency and for the steady development of its business.
The reinsurance company is based in Beijing.
| Issuer: | China Property and Casualty Reinsurance Co. Ltd.
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| Amount: | RMB 4 billion
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| Issue: | Capital supplementary bonds
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| Tenor: | 10 years
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| Coupon: | 3.45% for first five years; steps up to 4.45% if the notes are not called
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| Call option: | At end of fifth year
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| Announcement date: | May 2
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