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    Home»Bonds»China’s Ping An raises $3.5 billion in convertible bond deal | The Mighty 790 KFGO
    Bonds

    China’s Ping An raises $3.5 billion in convertible bond deal | The Mighty 790 KFGO

    July 16, 2024


    By Scott Murdoch

    SYDNEY (Reuters) – China’s Ping An Insurance said on Tuesday it has raised $3.5 billion through a convertible bond sale.

    The five-year bond’s coupon was set at 0.875% per annum, paid semi-annually, Ping An said in a regulatory filing.

    Its conversion price was set at HK$43.71 per share, the statement showed.

    Ping An’s Hong Kong-listed stock was down 3.88% at HK$34.65, while the broader Hang Seng Index was down 1.26%.

    The company’s Shanghai-listed stock is off nearly 3%.

    The sale was multiple times oversubscribed with about 100 investors placing orders, said a person familiar with the deal.

    The 20 biggest investors bought over 70% of the deal, the person said, declining to be identified discussing non-public information.

    The bond was classified as Reg-S meaning it was aimed at buyers outside of the U.S.

    It is the largest-ever Reg-S-only convertible bond, the largest convertible bond in the insurance sector, and the first offshore convertible bond by a Chinese insurer, the person said.

    Morgan Stanley and JPMorgan led the transaction, the filing showed.

    (Reporting by Scott Murdoch; Editing by Jacqueline Wong and Christopher Cushing)



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