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Bond Market News
NWD Pays Coupon, Averts Immediate Default Risk
June 18, 2025
Hong Kong builder New World Development (NWD) has made a $5.05mn coupon payment on its 5.875% dollar bonds. The coupon was due Monday, and a missed payment could have triggered an event of default if not settled within 14 days. This gives NWD some time as it works toward finalizing the $11.1bn (HKD 87.5bn) loan refinancing. The company is facing $26.87bn (HKD 210.9bn) in liabilities and had recently opted to defer coupon payments on four perpetual notes. In other developments, NWD had decided to price its Deep Water Pavilia luxury apartments at record low levels to speed up sales.
NWD’s 5.875% 2027s are trading stable at 65.6 cents to the dollar, yielding 30.07%.
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