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Bond Market News
FWD Announces Redemption of 6.375% Perp
July 17, 2024
FWD Group said that it will redeem all of its outstanding 6.375% Perp on its call date falling on September 13, as per an HKEX filing. The notes are trading at par, having moved steadily higher since the beginning of the year when it traded at about 90 cents on the dollar. In March, FWD raised $900mn via a 5Y bond at a yield of 8.4%. Given the delays in its planned Hong Kong IPO, the company has been considering options including a potential stake sale.
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