Insurer FWD raises profile with $325m bond

Richard Li’s insurance company establishes its footprint in the debt world with a debut 10-year bond, targeting investors with appetite for longer tenor notes.

Insurer FWD raises profile with $325m bond

FWD sold a $325 million 10-year bond on Wednesday, targeting investors with a strong appetite for longer tenor notes amid a rising interest rate environment.

The Reg S-only registered note priced at Treasuries plus 250bp, which is 15bp tighter than its initial price guidance of Treasuries plus 265bp, according to a term sheet seen by FinanceAsia. It has a yield of 5.063% and coupon of 5%. 

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