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Bond Market News
NWD Family Said to Seek $2bn in Toll Road Sales from Sister Company CTF Services
January 6, 2025
New World Development’s (NWD) infrastructure arm CTF Services Ltd., formerly (NWS Holdings) is said to be in early discussions with Yuexiu Group regarding a $2bn sale of a bundle of roads in mainland China, as per sources. They noted that discussions have also taken place with other buyers and been communicated that the package of roads could be split into smaller chunks for sale. The potential sale is part of CTF’s strategic review of its toll road assets to raise cash, boost value and focus on developing faster growth businesses. CTF is considered to be a key cash cow while NWD has been riddled with losses and high debt. CTF currently has holdings in 15 road operations across mainland China which includes major cities.
NWD’s dollar bonds have trended higher over the past week – for instance, its 4.5% 2030s were up 2.6 points to 62.6, yielding 14.9%.
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