Ping An Life Insurance Co. of China is looking to raise $1.4 billion through a sale of subordinated bonds, The Wall Street Journal reports. Ping An is a 99.5 percent-owned unit of financial services conglomerate Ping An Insurance (Group) Co. of China.
The 10-year securities will be offered next month through private placement. The company is looking to use the proceeds to build its capital base. Ping An Securities Co. and Ping An Asset Management Co. are main underwriters for the offering.
Click here for the story from The Wall Street Journal.