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Bond Market News
NWD Proposes Additional $3.8bn for Loan Collateral
February 19, 2025
New World Development (NWD) has proposed using $3.8bn of additional properties as collateral to refinance bank loans maturing in 2027 and beyond, as it looks to ease liquidity pressure. The company has allegedly sent revised preliminary terms of the three-year refinancing deal to banks, requesting feedback by Friday. Bank of China, DBS Bank and HSBC are likely to arrange the deal. NWD has undertaken various efforts to address its net debt of HKD 123.7bn ($15.9bn). For bank borrowings of HKD 58.1bn ($7.46bn) maturing in 2025 and 2026, NWD had previously engaged with these three banks as well. 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 dollar bonds trended slightly higher, with its 6.15% Perp trading at 41.9 cents on the dollar.
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