CCB Life made its first foray into the international bond markets this week, selling a 60-year note that broke a long silence from Chinese insurers in the dollar hybrid market.
It was the first such deal since China Life, the country’s largest insurer by premiums, sold a $1.28 billion 60 non-call five-year hybrid in June 2015.
On Wednesday, the lead managers pitched the Reg-S bond at “the 4.8% area”, before narrowing price guidance to between 4.5% and 4.6%. The 60-year non-call five-year bond ended up being fixed at par to yield 4.5%, according to a term sheet seen by FinanceAsia.
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