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Bond Market News
NWD Defers Coupon on Its Perps
November 26, 2025
NWD announced that it will defer upcoming distribution payments on several of its USD denominated guaranteed perps. The company has formally elected to defer the December 2025 coupon payments on its 4.8% Perp (due 9 December 2025), 4.125% Perp (due 10 December 2025), 10.131% Perp (due 16 December 2025) and 5.25% Perp (due 22 December 2025). NWD has also issued a certificate confirming that an Optional Deferral Event has occurred and is continuing for 4.8% Perp and 4.125% Perp notes (Series A and Series B notes) and will issue optional deferral notices within the required notice period for the remaining ones. These deferrals will only take effect on the actual distribution payment dates and will occur after the expected final payment date of the exchange offers launched by NWD’s subsidiaries relating to these perpetual securities, as announced earlier. The company will provide further updates in accordance with regulatory requirements.
NWD Perps continue to trade at distressed levels of 47-49 cents on the dollar.
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