Beijing-based Sunshine has hired HSBC, ICBC International and JP Morgan as joint global co-ordinators, alongside CMB International and Morgan Stanley as joint lead managers and bookrunners, for investor meetings in Hong Kong, Singapore and London. The roadshow started on Wednesday and a Reg S only bond will follow.
The senior unsecured dollar deal will be the firm’s maiden appearance in the offshore debt market.
On Tuesday, Fitch assigned a rating of A to the borrower, citing the company’s wide range of sources of premiums, continued growth in new business and improving operating profitability.
“The ratings also recognise Sunshine Life’s solid solvency strength and ongoing capital support from its immediate parent, Sunshine Insurance Group Co.,” the agency said.
Sunshine is the 10th largest life insurer in China in terms of directly written premiums. Its gross written premiums were Rmb31bn ($4.8bn) in 2015, a market share of 2%.
The new deal will be rated A- by Fitch.
BAIC seeks nod for new debt sale
Meanwhile, bond investors could see a familiar name return to the debt market later this year with BAIC poised to seek approval to raise up to Rmb15bn.
BAIC only made its debut in the international bond market last October when it printed a €500m ($552m) 1.9% 2020.
It is still unclear whether BAIC will be venturing offshore again for its new deal. The company said in a statement on Tuesday announcing the fundraising that it is open to both international and domestic bond issuance.
BAIC could raise the money through single or multiple deals, although the bonds would not carry a tenor longer than 10 years.
A general meeting has been scheduled on May 20 to approve the debt issuance, which BAIC says will expand its financing options and help control financing costs.