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Ping An Insurance Said to Issue CNY1bn Offshore Bonds

 

Monday, May 30,2011, 6:58:18 PM   Click:

Ping An Insurance (Group) Company of China, Ltd. (Ping An, SHSE: 601318, and SEHK: 2318), the second largest insurance conglomerate in the nation, is said to plan to issue more than CNY 1 billion three-year offshore renminbi-denominated bonds, disclosed people close to the matter on May 26, 2011.

Ping An Insurance Spokesperson Richard Sheng confirmed the news, saying that China Ping An Insurance Overseas (Holdings) Limited, a Hong Kong-based subsidiary under the dual-listed company, indeed is preparing for the issuance of bonds on the overseas market due to its own needs. However, it is not proper to disclose more details currently and all things are subject to announcements. The spokesperson meanwhile reiterated the dual-listed company's solvency is good and the bond issuance is to meet self-business development needs.

The bond issuance attracts many concerns as this drives the insurance company to become the first insurance company in Mainland China setting foot in offshore renminbi-denominated bonds market.

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