Billionaire Richard Li’s FWD boosts dollar bond sales as it snaps up assets in SE Asia

Billionaire Richard Li, chairman and chief executive officer of Pacific Century Group, arrives at a polling station for the chief executive election in Hong Kong, China, on Sunday, March 26, 2017. Photographer: Paul Yeung/Bloomberg

Billionaire Richard Li’s FWD Group Ltd. is boosting its dollar bond sales as it snaps up assets in Southeast Asia in a rapid expansion in the region.

From zero issuance last year, the acquisitive insurer sold $1.66 billion in five offerings this year in its biggest annual sales, according to data compiled by Bloomberg. Its parent PCGI Intermediate Holdings Ltd. sold a $250 million five-year dollar bond this week to help fund FWD Group’s deals and repay debt.

“The motivation behind FWD’s active debt offerings is likely to fund its acquisitions,” said Steven Lam, an analyst with Bloomberg Intelligence.

The dollar bond binge comes as the younger son of Hong Kong’s richest man Li Ka-shing makes a big bet on Southeast Asia. FWD Group paid $3 billion for a life insurance business in Thailand in July and signed a $1.8 billion loan backing the acquisition. It also previously considered Aviva Plc’s Singapore business.

Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.