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Bond Market News
FWD Postpones Hong Kong IPO Again
September 15, 2023
FWD Group has decided to postpone its Hong Kong IPO for the second time, citing the current market volatility. The initial plans for the long awaited $1bn IPO was first postponed in May 2022, where the insurer had cited market volatility as the reason for the delay. Hong Kong’s Hang Seng Index ended lower for six days ahead of Thursday with analysts noting that it was amongst the worst performers this year among the world’s key benchmark indices. The HSI is down ~9% YTD. Regarding the IPO, FWD said that it “will assess the appropriate time to further re-file the application”. Sources noted that the company was not in a hurry for the listing as they were financially strong.
FWD’s dollar bonds were trading stable – its 6.375% Perp is currently at 87.78 cents on the dollar, yielding 20.74% to its call date in September 2024.
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