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Bond Market News
FWD Said to Consider Stake Sale with $10bn Valuation
February 16, 2024
FWD Group is said to be considering options including a potential stake sale, as per sources, after its planned Hong Kong IPO continues to be delayed. They noted that global insurers including Canada’s Sun Life Financial have approached FWD to express interest in a tie-up, adding that FWD could value itself at $10bn. A deal could see FWD use part of the proceeds to reduce debt, whilst trying to generate sustainable profits and growth. FWD’s Hong Kong IPO plans have been delayed since 2021 with three failed attempts.
FWD’s dollar bonds ticked higher across the curve, by over 1 point. Its 6.375% Perp was up 1.5 points to 93.73 cents on the dollar, yielding 18.6%.
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