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Bond Market News
NWD Declares Second Early Tender Date Results with Additional Support from Bondholders
November 27, 2025
NWD gained further support for its large-scale debt swap plan as the second early deadline closed on November 25. Bondholders tendered $185mn of perpetual bonds and $39.5mn of regular notes, according to an exchange filing. Facing prolonged liquidity pressure from Hong Kong and China’s property downturn, NWD has been pursuing multiple refinancing measures this year, including a record $11bn loan package in June and a HKD 3.95bn ($508mn) loan backed by its Victoria Dockside project in September. Under its swap proposal, NWD increased the size of new perpetual securities offered to as much as $1.79bn, up from the initial $1.60bn, in exchange for old notes at 50 cents on the dollar. This would allow the company to potentially retire up to $3.58bn of existing notes. The firm has also proposed a swap for certain conventional bonds at a smaller haircut. Below table gives a breakdown of the notes accepted under tender offer.
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Its 4.125% 2029s are trading stable, currently at 73.8 cents on the dollar, yielding 13.5%.
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