Global insurer Chubb INA Holdings debuted in the offshore renminbi market pricing a three-tranche offering totalling 4.5 billion yuan ( US$626.75 million ).

The Reg S deal comprised of a five-year bond amounting to 1 billion yuan with a coupon of 2.50%, which was 40 basis points ( bp ) tighter than the initial price guidance of 2.90% area. The second tranche was for 10 years amounting to 1.5 billion yuan with a coupon of 2.75%, which was also 40bp inside the initial marketing range in the 3.15% area.

The final tranche was for 30 years amounting to 2 billion yuan with a coupon of 3.05%, or 35bp back of the initial price guidance in the 3.40% area. This issuance was smoothly cleared and settled in the Central Moneymarkets Unit ( CMU ) on August 6 2025.

The transaction represented Chubb’s debut in multi-tenor dim sum bond issuance, with the 30-year tranche being the first dim sum corporate bond of this tenor. The issuance was well received by global investors, reflecting their strong appetite for high-quality, long-tenor dim sum bonds.

The offering generated a combined order book of 14.2 billion yuan with the 30-year tranche attracting the biggest demand amounting to 6.2 billion yuan from 64 accounts. Almost all of the paper or 99% was distributed in Asia with the remaining 1% sold in Europe, the Middle East and Africa ( EMEA ). By type of investors, asset and fund managers, and insurance companies bought 89% of the bond, banks and other financial institutions took 9%, and private banks 2%.

The 10-year tranche garnered orders worth 5.1 billion yuan from 66 accounts, and similarly allocated in Asia ( 99% ) and EMEA ( 1% ). Asset and fund managers, and insurance companies also drove this trade as they bought 66% of the bond, with banks and other financial institutions taking 34%.

The five-year tranche attracted an order book in excess of 2.9 billion yuan from 41 accounts, with 97% of the bond sold in Asia and 3% in EMEA. Banks and other financial institutions were the biggest buyers of this paper as they accounted for 56%, while the remaining 44% went to asset and fund managers, as well as insurance companies.

Proceeds from the bond issuance will be used for general corporate purposes, including repayment of a portion of the outstanding US$1.5 billion 3.35% senior unsecured notes due on May 3 2026.

Bank of China, HSBC and Standard Chartered were the joint global coordinators for the transaction, as well as joint bookrunners and lead managers, along with CITIC Securities and DBS.