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Bond Market News
NWD Gets Approval for $11.1bn Refinancing
June 27, 2025
New World Development Co. (NWD), a distressed Hong Kong property developer, has secured full written commitments from banks for a HKD 87.5bn ($11.1bn) loan refinancing, according to sources. This refinancing package is one of the largest in Hong Kong and comes just days before key debt deadlines, including HKD 9.2mn ($1.2mn) in bond interest payments due Friday and Monday. The deal, pending only final signatures, will extend HKD 63.4bn ($8.1bn) in near-term debt by three years and maintain the maturity of HKD 24.1bn ($3.1bn) due in 2027 and beyond, though with added collateral and credit enhancements. The agreement provides a vital reprieve for NWD, amid a prolonged property slump in Hong Kong and China. The company had triggered market anxiety earlier by delaying interest on four perpetual notes, raising fears of default. If the deal hadn’t reached full approval by June 30, it would have collapsed, with collateral released and bank commitments canceled.
While NWD’s HKD 3.8% 2029s are up 2.2 points to 51 cents on the dollar, its USD 8.625% 2028s are trading stable at 63.5 cents to the dollar.
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