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Bond Market News
NWD in Discussions to Refinance $7.46bn of Debt with Three Banks
February 14, 2025
Hong Kong developer New World Development (NWD) is in discussions to arrange a loan with three banks to refinance HKD 58.1bn ($7.46bn) in bank borrowings, maturing in 2025 and 2026. Bank of China, DBS Bank and HSBC are likely to arrange the loan, the details of which could be released to other prospective lenders soon. NWD’s management team also met with C-suite executives from various banks in Hong Kong in recent weeks to discuss the company’s financial position. The loan is part of a series of arrangements undertaken by NWD to address its large debt pile. Its State Pavilia luxury residential project has recently been priced at a significant discount in an attempt to raise cash. NWD was also said to be in discussions with Yuexiu Group regarding a $2bn sale of a bundle of roads in mainland China.
NWD’s dollar bonds were trading stable with its 6.15% Perp trading at 39.5 cents on the dollar
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