By Rebecca Melvin
New York, Jan. 25 – FWD Ltd. priced $200 million of 5½% perpetual notes (expected ratings: Ba2//BB+) on Thursday at par and with an initial spread of U.S. Treasuries plus 307.5 basis points, according to a market source.
The notes will be callable after five years.
HSBC, Citigroup and Standard Chartered are joint bookrunners of the Regulation S notes.
The Cayman Islands incorporated company provides insurance in Hong Kong & Macau, Thailand, Indonesia, the Philippines, Singapore and Vietnam.
| Issuer: | FWD Ltd.
|
| Issue: | Non-cumulative subordinated perpetual capital securities
|
| Amount: | $200 million
|
| Maturity: | Perpetual
|
| Bookrunners: | HSBC, Citigroup and Standard Chartered
|
| Coupon: | 5½%
|
| Price: | Par
|
| Yield: | 5½%
|
| Spread: | Treasuries plus 307.5 bps
|
| Calls: | Callable on Feb. 1, 2023
|
| Trade date; | Jan. 25
|
| Settlement date: | Feb. 1
|
| Distribution: | Regulation S
|
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