Ping An hires Goldman and two others for domestic CB

Ping An Insurance Group has mandated China International Capital Corp CICC, Credit Suisse Founder Securities, in which Credit Suisse owns a 33% stake, and Goldman Sachs Gaohua to help it sell a domestic convertible bond of up to Rmb26 billion $4.1 billion, according to sources.

The deal, which was first announced just before the Christmas holidays, will help Ping An to boost its solvency margin ratio, which has come under pressure as its various business segments are experiencing rapid growth. It will also provide funding for the further expansion of its businesses, including the recently acquired Shenzhen Development Bank, and its investment activities.

In a...