Hong Kong insurer FWD is targeting to raise up to $3bn via an IPO in the US next month with a valuation of around $13bn as per a source. SCMP reports that HSBC, JPMorgan, Morgan Stanley, and Goldman Sachs are leading the share listing. If successful, it would be the largest listing by an HK-based insurer in the US and the largest IPO by an insurer based in China and HK after China Life Insurance’s $3.5bn listing on the NYSE in December 2003. The above news comes a couple of months after rumors of FWD’s listing were clarified. Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers, a local brokerage said that China’s regulatory crackdown will not have an impact on FWD’s IPO as it is as an HK insurance company and not a mainland tech company.

FWD’s dollar bonds were flat with its 6.375% Perps at 103.4, yielding 5.15%.

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