SYDNEY, July 16 Reuters China39;s Ping An Insurance, said on Tuesday it has raised 3.5 billion through a convertible bond sale.

The fiveyear bond39;s coupon was set at 0.875 per annum, paid semiannually, Ping An said in a regulatory filing.

Its conversion price was set at HK43.71 per share, the statement showed.

Ping An39;s Hong Konglisted stock was down 3.88 at HK34.65, while the broader Hang Seng Index was down 1.26.

The company39;s Shanghailisted stock is off nearly 3.

The sale was multiple times oversubscribed with about 100 investors placing orders, said a person familiar with the deal.

The 20 biggest investors bought over 70 of the deal, the person said, declining to be identified discussing nonpublic information.

The bond was classified as RegS meaning it was aimed at buyers outside of the U.S.

It is the largestever RegSonly convertible bond, the largest convertible bond in the insurance sector, and the first offshore convertible bond by a Chinese insurer, the person said.

Morgan Stanley and JPMorgan led the transaction, the filing showed.

Reporting by Scott Murdoch; Editing by Jacqueline Wong and Christopher Cushing

Source Reuters