Web Stories Thursday, July 25

By Scott Murdoch

(Reuters) – China’s Ping An Insurance is considering issuing a convertible bond worth up to $5 billion, according to two sources with direct knowledge of the matter.

The bond could raise between $2 billion and $5 billion, according to one of the sources. A deal is expected in the next few weeks, the sources added.

They could not be named discussing confidential information.

In a Hong Kong Stock Exchange filing on Wednesday, Ping An said it had received shareholder approval to issue debt at any time in the next three years.

“The company will decide on any financing within the scope of the authorization granted at the annual general meeting in accordance with the principle of maximizing shareholders’ interests and based on business development and capital plan,” it said in a regulatory filing.

It did not say whether a convertible bond was currently under consideration.

A convertible bond issue by Ping An would extend the recent rush of convertibles issued by Chinese corporates, led by Alibaba (NYSE:) Group, which raised $5 billion in May.

Bloomberg News first reported Ping An’s plans to issue a convertible bond deal on Tuesday.

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