FWDINS 6.250% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

FWD Ltd

Indicative

Full Lot

Bid Price

99.996

Change in Bid Price

0.003

Bid Yield (%)

6.313 %

Change in Bid Yield

remove 0.008

Ask Price

100.338

Change in Ask Price

0.093

Ask Yield (%)

5.562 %

Change in Ask Yield

remove 0.206

Indicative price as of 28 Jan 2022, 12:00am

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Bond Information

FWD Limited operates as an insurance company. The Company offers general insurance, employee benefits, pension, and financial planning services. FWD serves customers in Hong Kong and Macau, Thailand, Indonesia, the Philippines, and Singapore.

Bond Issuer

FWD Ltd

Guarantor

Announcement Date

17 Jan 2017

Issue Date

24 Jan 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.305

Modified Duration

Issue / Reoffer Price

100.000

Issue / Reoffer Yield

6.250

Coupon Type

Variable

Annual Coupon Rate

6.250

Coupon Frequency

Semi Annually

Seniority

Junior Subordinated

Reference Rate

Reset Rate= US Treasury Benchmark Rate + 4.408%
Reset Date= First Call Date (24 Jan 2022) & every 5 years thereafter

ISIN

XS1520804250

CUSIP

AM0700097

Bond Currency

USD

Total Issue Size

Outstanding Issue Size

250,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

High Yield Corporate

Bond Sector

Financials

Bond Sub Sector

Insurance

Issuer Credit Rating (S&P/ Fitch)

***/ BBB+

Bond Credit Rating (S&P/ Fitch)

***/ W.R

Shariah Compliant

Exchange Listed

HKEX

Bond Feature(s)

Deferral Interest Payment

Cumulative Deferral

Any Distribution deferred pursuant to this Condition 4(e) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect to further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued Distribution. The Issuer is not subject to any limit as to the number of times Distributions and Arrears of Distribution can or shall be deferred pursuant to this Condition 4(e) except that Condition 4(e)(iv) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

Each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Securities at the prevailing Distribution Rate and the amount of such interest (the "Additional Distribution Amount") with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 4 and shall be calculated by applying the prevailing Distribution Rate to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.

Dividend Stopper

If on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full by reason of this Condition 4(e), the Issuer shall not, and shall procure that none of its Subsidiaries will:

(A) declare, pay or make any discretionary dividends, distributions or make any other discretionary payment on, and will procure that no discretionary dividend, distribution or other discretionary payment is declared, paid or made on any Junior Obligations or Parity Obligations (except, in relation to the Parity Obligations of the Issuer, where such dividend, distribution or other payment is made on a pro rata basis with payment on the Securities), provided that such restriction shall not apply to payments declared, paid or made in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants; or

(B) redeem, reduce, cancel, buy-back or acquire at its discretion for any consideration any Junior Obligations or Parity Obligations (except, in relation to the Parity Obligations of the Issuer, where such redemption, reduction, cancellation or buy-back is made on a pro rata basis with a pro rata purchase of Securities), provided that such restriction shall not apply to an exchange or conversion of any Parity Obligations in whole for Junior Obligations or a repurchase or other acquisition of any securities in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants,

unless and until (i) the Issuer has satisfied in full all outstanding Arrears of Distribution; or (ii) is permitted to do so by an Extraordinary Resolution (as defined in the Agency Agreement) of the Holders.

Dividend Pusher

Issuer Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, on the Distribution Payment Date falling in January 2022 or on any Distribution Payment Date thereafter (each, a "Call Settlement Date") on the Issuer's giving not less than 30 nor more than 60 days' notice to the Holders (which notice shall be irrevocable and shall oblige the Issuer to redeem the Securities on the relevant Call Settlement Date at their principal amount plus Distribution accrued to such date (including any Arrears of Distribution and any Additional Distribution Amount)).

Coupon Step

Upon the occurrence of a Change of Control, unless an irrevocable notice to redeem the Securities has been given to Holders by the Issuer pursuant to Condition 5(f) (Redemption-Redemption upon a Change of Control) by the 30th day following the occurrence of the Change of Control, the Distribution Rate will increase by 5.00 per cent. per annum from the then prevailing Distribution Rate with effect from (i) the next Distribution Payment Date; or (ii) if the date on which a Change of Control occurs is prior to the most recent preceding Distribution Payment Date, such Distribution Payment Date.

Change Control Call

The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time, on giving not less than 30 nor more than 60 days' notice to the Holders (which notice shall be irrevocable), the Registrar and the Fiscal Agent upon the occurrence of a Change in Control at the Special Event Redemption Price.

A "Change of Control" occurs when:

(A) Mr. Richard Li ceases to Control the Issuer;

(B) any Person or Persons, other than Mr. Richard Li, acting together acquires Control of the Issuer; or

(C) the Issuer consolidates with or merges into or sells or transfers all or substantially all of its assets to any other Person, unless the consolidation, merger, sale or transfer will not result in the other Person or Persons acquiring Control over the Issuer or the successor entity.

"Control" means the acquisition or control of more than 50 per cent. of the voting rights of the issued share capital of the Issuer or the right to appoint and/or remove all or the majority of the members of the Issuer's board of directors or other governing body, whether held or obtained directly or indirectly, and whether held or obtained by ownership of share capital, the possession of voting rights, contract or otherwise and the terms "Controlling" and "Controlled" shall have meanings correlative to the foregoing;

"Special Event Redemption Price" means (a) prior to the First Call Date, 101 per cent. of the outstanding principal amount or (b) subsequent to the First Call Date, the outstanding principal amount, in each case together with Distribution accrued but unpaid to the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount);

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