FWD Group takes home $550m from subordinated bond

FWD Group raised $550m from an unusual subordinated five year bond, just a few days after announcing a $3bn acquisition of one of the largest life insurance firms in Thailand, SCB Life Assurance.

  • By Addison Gong
  • 05 Jul 2019

Bookrunners and lead managers JP Morgan and UBS priced FWD’s $550m five year subordinated bond at 5.75% on Thursday, 25bp inside the initial guidance of the 6% area. Reoffer price was fixed at par.

The deal had an order book of $600m just before lunch time ...

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