Rarity value drives demand for FWD's perpetual bonds

Billionaire Richard Li's Hong Kong-based insurance group draws frenzied demand for its first perpetual bonds.

Rarity value drives demand for FWD's perpetual bonds

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...

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