Hong Kong's FWD to raise $600 mln in 7-yr subordinated dollar bond, term sheet shows

BY Reuters | CORPORATE | 06/19/24 08:48 PM EDT

By Scott Murdoch

SYDNEY, June 20 (Reuters) - Hong Kong-based insurer FWD Group is raising $600 million from the sale of a 7-year subordinated dollar bond, according to a term sheet seen by Reuters on Thursday.

The initial price guidance given to investors is Treasuries plus 380 basis points, the term sheet said.

FWD said in an exchange filing the proceeds would be used to refinance existing debt and general corporate purposes.

The pan-Asian insurance group, controlled by billionaire Richard Li, has

revived plans

to list in Hong Kong, Reuters reported on June 6.

FWD could target a valuation of up to $9 billion in the initial public offering (IPO) depending on financial market conditions when launching the deal, sources said. (Reporting by Scott Murdoch; Editing by Kim Coghill)

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