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PCGI Holdings raised $225mn via a 5NC3 bond at a yield of 4.5%, in-line with the initial guidance. The bonds are unrated and received orders over $740mn, 3.3x issue size. The bonds will be issued by wholly-owned subsidiary PCGI Intermediate Holdings (III) and guaranteed by PCGI Holdings. There is a change of control put at 101 if its founder Richard Li or any of its affiliates cease to control more than 50% of the voting rights of PCGI Intermediate Holdings, another wholly-owned subsidiary that holds a 72.68% stake in both FWD Group and FWD. Proceeds will be used for refinancing, capital injections into PCGI Intermediate Holdings, working capital and any other general corporate purposes.
High frequency indicators are economic data points that are published more frequently than other typical data points, which are typically published on a monthly basis. For example, every week in the US, the Department of Labor reports the ‘Unemployment insurance weekly claims’, aka initial jobless claims. Other data points like weekly consumer sentiment indices, Weekly Economic Index (WEI) published by the Federal Reserve Bank of New York, Atlanta Fed’s GDPNow, weekly inflation expectations survey by Michigan, mobility and travel indices etc. are also considered high frequency indicators. These indicators can be inputted into economic models and help give a picture of economic conditions in advance, before the actual data release which may come out only once a month.