FWDGHD 8.045% Perpetual Corp (USD)

Bond Factsheet

Matured/ Called

FWD Group Holdings Limited

Indicative

Full Lot

Bid Price

100.000

Change in Bid Price

Bid Yield (%)

7.814 %

Change in Bid Yield

remove 0.006

Ask Price

100.050

Change in Ask Price

Ask Yield (%)

7.447 %

Change in Ask Yield

remove 0.026

Indicative price as of 23 Oct 2025, 12:00am

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Bond Information

FWD Group Holdings Limited operates as a holding company. The Company, through its subsidiaries, provides life, health, and other insurance products. FWD Group Holdings serves customers in Hong Kong, Macau, Thailand, Japan, and other South East Asia countries including the Philippines, Indonesia, Singapore, Vietnam, Malaysia, and Cambodia.

Bond Issuer

FWD Group Holdings Limited

Guarantor

Announcement Date

08 Jun 2017

Issue Date

15 Jun 2017

Maturity Date

Perpetual

Years to Maturity / Next Call

Perpetual / 0.203

Modified Duration

Issue / Reoffer Price

72.189

Issue / Reoffer Yield

6.625

Coupon Type

Variable

Annual Coupon Rate

8.045

Coupon Frequency

Semi Annually

Seniority

Subordinated

Reference Rate

Reset Date: 15 June 2022 and every 5 Years thereafter
Reset Rate: Prevailing 5 year US Treasury + Initial Spread (4.865%)

ISIN

XS1628340538

CUSIP

AN8403593

Bond Currency

USD

Total Issue Size

750,000,000

Min. Investment Quantity (Nominal)

USD 200,000

Incremental Quantity (Nominal)

USD 1,000

Bond Type

Corporate

Bond Sector

Financials

Bond Sub Sector

Insurance

Issuer Credit Rating (S&P/ Fitch)

***/ BBB+

Bond Credit Rating (S&P/ Fitch)

***/ BBB-

Shariah Compliant

Exchange Listed

HKEX

Bond Feature(s)

Deferral Interest Payment

Cumulative

Any Distribution deferred pursuant to 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 Condition 4(e) except that Condition 4(e)(iv) shall be complied with until all outstanding Arrears of Distribution have been paid in full.

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 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 buyback 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) permitted to do so by an Extraordinary Resolution (as defined in the Agency Agreement) of the Holders. For the avoidance of doubt, except in the circumstances set out in Condition 4(d) (Increase in or Commencement of Distribution following a Change of Control), no Distribution is due to be paid on the Securities at any time prior to the First Call Date and the restrictions set out in this Condition shall not apply.

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 15 June 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 100 per cent. of the principal amount plus Distribution accrued to such date (including any Arrears of Distribution and any Additional Distribution Amount)).

Callable on 15 June 2022 and any semi-annual Distribution Payment Date thereafter

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(e) (Redemption - Redemption upon a Change of Control) by the 30th day following the occurrence of the Change of Control, the Distribution Rate will, (i) in respect of the period from the Issue Date to, but excluding, the First Call Date, be 5.00 per cent. per annum and (ii) from, and including, the First Call Date, increase to the aggregate of 5.00 per cent. per annum and the then prevailing Distribution Rate, each on the principal amount of the Securities (and in both cases, with each 15 June and 15 December thereafter in such circumstance being a ''Distribution Payment Date'') 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.

A ''Change of Control'' occurs when:

(A) Mr. Richard Li or any Affiliate ceases to Control the Issuer;
(B) any Person or Persons, other than Mr. Richard Li or any Affiliate, 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.

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 Relevant Redemption Price.

A ''Change of Control'' occurs when:

(A) Mr. Richard Li or any Affiliate ceases to Control the Issuer;
)). (B) any Person or Persons, other than Mr. Richard Li or any Affiliate, 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.

in relation to Conditions 5(c) (Redemption - Redemption for accounting reasons), 5(e) (Redemption - Redemption upon a Change of Control) or 5(f) (Redemption upon an initial public offering), prior to the First Call Date, at an amount equal to the Redemption Premium Yield Amount at the relevant date, or (b) from and including the First Call Date, 100 per cent. of the principal amount,

Additional Note

Redemption upon an initial public offering

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, at the Relevant Redemption Price if an Initial Public Offering has occurred.

‘‘Relevant Redemption Price’’ of a Security means:

(A) in relation to Conditions 5(b) (Redemption – Redemption for tax reasons) or 5(g) (Redemption – Redemption for minimum outstanding amount), prior to the First Call Date, at an amount equal to the Redemption Par Yield Amount at the relevant date, or (b) from and including the First Call Date, 100 per cent. of the principal amount; or

(B) in relation to Conditions 5(c) (Redemption – Redemption for accounting reasons), 5(e) (Redemption – Redemption upon a Change of Control) or 5(f) (Redemption upon an initial public offering), prior to the First Call Date, at an amount equal to the Redemption Premium Yield Amount at the relevant date, or (b) from and including the First Call Date, 100 per cent. of the 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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