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Bond Market News
NWD Receives Over 87% Support from Banks for Loan Refinancing
June 13, 2025
New World Development (NWD) received over 87% backing from banks in the form of written commitments for its HKD 87.5bn ($11.2bn) loan refinancing, as per sources. This is a significant increase from the 60% support it had received as of end-May. The developer is aiming to complete the deal with more than 50 banks by end-June, when a covenant waiver on its existing facilities expires. Analysts highlighted risks concerning the waiver expiring before a refinancing deal, noting that some banks could demand immediate repayment without a deal in place. The update comes amid concerns about the company’s liquidity after it chose to defer coupons on its dollar perps earlier last month.
NWD’s dollar perps were trading stable, albeit at distressed levels of around 20-25 cents on the dollar.
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