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Bond Market News
NWD Announces Deferral of Perpetual Notes’ Coupons
May 31, 2025
New World Development (NWD) has announced the deferral of interest payments on four of its perpetual bonds. The developer’s spokesperson said that it continues to “manage its overall financial indebtedness whilst taking into account the current market volatility and continues to comply with its existing financial obligations”. It plans to postpone coupon payments worth $77.2mn due next month, as per Bloomberg. Residential property development in Hong Kong and mainland China account for 50% of NWD’s revenue with home values dropping 28% from their all-time high in 2021. The developer reported its first annual loss in 20 years and currently has liabilities amounting to $26.9bn. NWD is reported to have finalised a $11.16bn refinancing plan by end-June and has secured 40% of the commitment. NWD is said to be looking for more banks to join in an ~HKD 15.6bn ($1.99bn) loan backed by its key asset, Victoria Dockside.
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