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Ping An plans to issue $5 billion in bonds, completion expected in weeks.

TraderKnows
TraderKnows
07-10

A Hong Kong Stock Exchange announcement on Wednesday revealed China Ping An Insurance has been approved to issue bonds within three years. Reports suggest they will complete a $5 billion bond issue in the coming weeks.

According to two individuals familiar with the matter, China Ping An Insurance is considering issuing convertible bonds worth up to $5 billion.

One of the sources stated that the bond issuance could raise between $2 billion to $5 billion. The transaction is expected to be completed within the next few weeks, the sources added.

As the information is confidential, they requested anonymity.

In a Hong Kong Stock Exchange announcement on Wednesday, Ping An stated that it had received shareholder approval to issue debt at any time within the next three years.

In the regulatory filing, the company stated: "The company will decide on any financing matters within the scope authorized by the annual general meeting, based on the principle of maximizing shareholders' interests and according to business development and capital plans."

The announcement did not explicitly state whether convertible bonds are currently being considered for issuance.

If Ping An issues convertible bonds, it will continue the recent trend led by Chinese companies, with Alibaba Group raising $5 billion in May.

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Debenture(Bonds)

Bonds or debentures refer to debt securities issued by governments, corporations, banks, or other entities through legal processes. These securities are a promise made to creditors to repay the principal and interest on a specified date in order to raise funds.

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