Ping An hires Goldman and two others for domestic CB

The Chinese insurer is seeking to raise up to $4.1 billion from the sale of bonds convertible into A-shares.
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);">
Photo: ImagineChina
</div>
<div style="text-align:right; font-size:7pt; color:rgb(119, 119, 119);"> Photo: ImagineChina </div>

Ping An Insurance Group has mandated China International Capital Corp CICC, Credit Suisse Founder Securities, in which Credit Suisse owns a 33% stake, and Goldman Sachs Gaohua to help it sell a domestic convertible bond of up to Rmb26 billion $4.1 billion, according to sources.

The deal, which was first announced just before the Christmas holidays, will help Ping An to boost its solvency margin ratio, which has come under pressure as its various business segments are experiencing rapid growth. It will also provide funding for the further expansion of its businesses, including the recently acquired Shenzhen Development Bank, and its investment activities.

In a...

¬ Haymarket Media Limited. All rights reserved.

FinanceAsia has updated its subscription model.

Registered readers now have the opportunity to read 5 articles from our award-winning website for free.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences.

To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team (2-10 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at subscriptions@financeasia.com, or +(852) 2122 5222