Insurance firm issues China's first overseas senior bonds

BEIJING - 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 of senior bonds, which have priority over others in the event of liquidation. The issuance includes $700 million of three-year-maturity bonds with a nominal interest rate of 2.375 percent and $500 million 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.