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Bond Market News
NWD Achieves 2025 Sales Target; Banks Highlight Risks of NWD Was Behind $11.1bn Refinancing
June 30, 2025
NWD is said to have achieved its 2025 property sales target of HKD 26bn ($3.3bn) helped by its Deep Water Pavilia project in southern Hong Kong, as per sources. Along with securing a $11.1bn loan refinancing last week, analysts noted that these were some positive developments regarding NWD which continues to face financial struggles. The Deep Water Pavilia project has 447 units in total, jointly developed by five developers, including NWD, which owns 50% of it.
Separately, as per a Bloomberg report, bankers who worked on NWD’s refinancing deal are said to have pitched the deal to their credit committees by focusing on the implications of a failure as compared to emphasizing the strengths of the developer. They noted that the stakes were high and a failure to secure a deal could have caused a larger crisis in the Hong Kong property sector. As per Barclays, NWD’s $40bn in Hong Kong assets are roughly 10% of the city’s annual GDP. The focus now shifts to NWD’s $8bn in outstanding bonds and how it plans to repay them.
NWD’s dollar bonds were trading stable with its 8.625% 2028s at 65.9 cents to the dollar.
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