Richard Li’s FWD Prices $1.15 Billion of Notes for Buyback (1)

Sept. 15, 2025, 8:43 PM UTC

Hong Kong billionaire Richard Li’s FWD Group Holdings Ltd. sold $1.15 billion of dollar bonds to fund a debt repurchase, as the insurer seeks to improve its capital structure and cut borrowing costs.

The $575 million each of five- and 10-year subordinated notes were respectively priced 1.65 and 1.8 percentage points above comparable Treasuries, according to a person familiar with the matter who requested anonymity discussing private matters. The spreads tightened as much as 0.5 percentage point from initial price talk.

Proceeds will be used for general corporate purposes that include refinancing a $900 million 8.4% bond due 2029, the ...

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