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Bond Market News
FWD Group to Amend Terms of its US Dollar Notes
June 17, 2021
Hong Kong based Insurance company FWD Group is looking to amend terms of its offshore bonds after its holding company, PCGI Intermediate Holdings (PCGIIH) owned by Richard Li announced a proposed Initial Public Offering (IPO) at the US Securities and Exchange Commission (SEC). The company seeks approval from holders of its dollar $750mn zero coupon perps, $600mn 6.375% perps callable in 2024 and $900mn 5.75% 2024s to replace FWD as the issuer of the bonds with PCGIH. The insurer also wants to amend the cross-acceleration threshold for the 5.75% 2024s bullet bonds to $20mn from the existing $10mn. What this would entail is that a bond default will be triggered only if there is a delay in payments of more than $20mn compared to the current $10mn. Bondholders giving consent by June 30, 2021 will be paid 0.3% of the principal amount and those giving consent by July 6, 2021 will be paid 0.1%. The existing 6.375% perps and 2024s are callable at 101 of the face value in case of an IPO and at 101 or a 500bp coupon step-up if Richard Li or any affiliate ceases to control the issuer.
FWDs 6.375% perps were up 0.13 to trade at 104 while its ZC perps and 5.75% 2024s were largely flat to trade at 94.4 and106.41 respectively.
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