SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Insurance company FWD postponed its planned $1bn Hong Kong IPO due to market volatility. In early May, FWD received approval for its Hong Kong listing but decided not to proceed with it at the moment. The company will explore the listing plan before the end of 2022 if market conditions become favorable again, as companies applying for an IPO have a six-month window to start fundraising. SCMP notes that in the 2022 year-to-date, corporates raised only $2.2bn through IPOs against $24.4bn in the same period last year. Listings have been affected across the globe due to a rise in interest rates, higher inflation, hawkish central bank policies, and uncertainties due to the Russia-Ukraine war, SCMP adds. In February 2022, FWD had filed for IPO listing in Hong Kong after dropping its NYSE listing plans where it had planned to raise $3bn at a valuation of $13bn. But the plan was stalled due to US regulatory concerns over “the long arm of the Chinese government”. 

FWD’s dollar bonds were trading higher, with its 5.5% Perp up over 0.22 points to 98.56 yielding 7.74%.

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