Arab Today, arab today insurance firm issues chinas first overseas senior bonds
Last Updated : GMT 12:02:44
Arab Today, arab today
Arab Today, arab today

Insurance firm issues China's first overseas senior bonds

Arab Today, arab today

Arab Today, arab today Insurance firm issues China's first overseas senior bonds

Insurance firm issues China's first overseas senior bonds
Beijing - XINHUA

Chinese insurance firm Ping An has issued the country's first overseas senior bonds.

The company said on Friday that it has issued a total of 1.2 billion U.S.dollars of senior bonds, which have priority over others in the event of liquidation. The issuance includes 700 million U.S. dollars of three-year-maturity bonds with a nominal interest rate of 2.375 percent and 500 million U.S. dollars of five-year-maturity bonds with a nominal interest rate of 2.875 percent.

The move "aims to expand direct debt financing channels, optimize capital structure and help the company grow its business overseas," Ping An said in a statement.

China's top economic planner, the National Development and Reform Commission, released a guideline in September encouraging Chinese companies to issue bonds overseas.

 

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