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Bond Market News
NWD Denies Rumors on Starting Debt Restructuring Talks
January 21, 2025
NWD denied rumors regarding the developer having started debt restructuring talks, that included its dollar bonds. In late-2024, NWD asked banks to postpone the due dates of some bilateral loans, and asked for waivers on loan conditions, causing concerns over its ability to service its large debt load. JPMorgan recently assessed NWD’s adjusted debt ratio to be at 85%. With its 6.15% Perp approaching the call date on March 16, a failure to call the notes, will see the coupon reset to the 3Y UST plus 620.1bp, equaling about 10.5% at current levels.
NWD’s 6.15% Perp fell 1.6 points to 51 cents on the dollar, yielding 20.5%.
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