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Bond Market News
NWD Seeks to Raise up to ~$2bn via a Secured Loan to Repay Debt
July 4, 2025
NWD is seeking to raise up to $2bn via a new 3Y secured loan, backed by its flagship asset, Victoria Dockside, following the completion of its $11.1bn refinancing deal a week ago. The loan’s minimum target size is of HKD 4bn ($510mn) and could be scaled up to HKD $15.6bn ($2bn), with proceeds to be used to repay debt. The commitment deadline is July 11, though it could be extended. With property prices near nine-year lows, banks are said to be tightening loan terms. Victoria Dockside, valued at HKD 66bn ($8.4bn), includes luxury venues like K11 Musea and Rosewood Hong Kong, which are expected to serve as important collateral in the deal.
NWD’s dollar bonds are trading stable, with its 8.625% 2028s currently at 65 cents on the dollar.
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