New China Life Insurance (SHA:601336, HKG:1336) issued 10 billion yuan of perpetual capital bonds in China's interbank bond market, according to a Friday disclosure to the Shanghai Stock Exchange.

The perpetual bonds carry a coupon rate of 1.9% for the first five years, adjusted annually from the issuance and payment dates.

Proceeds will be used to boost NCI's core Tier 2 capital, improve solvency, and ensure business development.

Shares fell 1% in Hong Kong and Shanghai during morning trading on Friday.