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Bond Market News
NWD Plans to Sweeten Terms for New $11.2bn Loans
April 2, 2025
New World Development (NWD) is revising the terms of two loans totaling HKD 87.5bn ($11.2bn) to attract lender support. The company plans to offer Victoria Dockside, a flagship commercial complex, as secondary collateral, though it is already pledged for a new HKD 15.6bn ($2bn) loan led by Deutsche Bank. Under the new loans, NWD plans to use HKD 63.4bn ($8.2bn) to refinance upcoming bank borrowing maturities and HKD 24bn ($3.1bn) to repay loans due 2027 and beyond. Chow Tai Fook Enterprises (controlled by the Cheng family) will issue a letter of comfort, though it may not be legally binding
NWD’s dollar bonds traded mixed. It’s 5.875% 2027s are up 0.62 points to 77.875 cents on the dollar, yielding 18.56%.
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