Hong Kong's FWD Group, the insurance arm of billionaire Richard Li's Pacific Century Group, raised $250 million through the sale of a perpetual bond on Tuesday, taking advantage of investors' hankering for yield.
The privately held insurer, rated Baa2BBB by Moody's and Fitch, garnered more than $6.75 billion of demand from 266 accounts, reflecting risk-on sentiment towards these hybrid instruments, which have no fixed maturity date and are treated as equity...