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Bond Market News

FWD To Skip Redeeming Zero-Coupon Perp on First Call Date

FWD will not be redeeming its $750mn zero-coupon Perp on its first call date of June 15, it said. This would mean that holders will start receiving distributions due to the coupon reset present on the note. The new coupon rate would be set at the US 5Y Treasury rate plus the initial spread of 486.5bp. FWD noted that an announcement will be made once the distribution rate is set. FWD said that the bonds will continue to be callable with the next call date for the bond on December 15. The insurer however did not mention any specific reason why it chose to skip the call date.

Its 0% Perp was trading flat at 98.74.

For the exchange filing, click here

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