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Dai-ichi Mutual Life Insurance Co. to Raise $500 Million in Subordinated Bonds.
Knight Ridder/Tribune Business News, March, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Mar. 11--TOKYO -- Dai-ichi Mutual Life Insurance Co. said Thursday it will issue $500 million worth of subordinated bonds later this month for subscription by institutional investors in the United States and Europe.
The 10-year dollar-denominated bonds will carry a coupon of 5.73 percent per annum with payment due on March 17, the major Japanese life insurer said.
The bonds will be issued at 99.955 percent of par, it said.
A subordinated bond is junior in claim on assets to other bonds in case of the issuer's failure and thereby serves as the issuer's capital.
The latest issuance is expected to boost Dai-ichi Mutual's solvency margin ratio by 14...
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