Ping An sees good response for A-share CB

Ping An Insurance Group received more than Rmb300 billion of demand from institutional investors for its Rmb26 billion $4.2 billion A-share convertible bond that was on offer at the end of last week, showing the pent-up demand for high-quality paper.

Ping An’s A-share holders were first in line to subscribe to the CB and took about 56.4% of the deal, according to a banker quoting a Chinese-language announcement filed by the company to the Shanghai Stock Exchange.

Another 0.3% of the transaction went to retail investors who subscribed online, leaving 43.3% or about Rmb11.3 billion for institutional investors. According to the announcement, that portion ended up being...