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Bond Market News
NWD Tells Creditors That the Room for a Debt Swap Sweeteener is Minimal
November 7, 2025
New World Development (NWD) told creditors that they do not have much room to sweeten the terms of its $1.9bn debt swap proposal. The developer’s plan includes haircuts of as much as 50% on perpetual bonds and up to 28.5% on regular notes if holders agree to the plan by the early tender deadline of November 17. Creditors have expressed concerns about the structure of the plan, including the lack of a direct guarantee from NWD for the new perpetual notes, and the company’s plans for the $1.3bn of perpetual bonds that will still be held.
One key feature of the plan is that holders of the new notes would get first-ranking access to its prized Victoria Dockside asset complex as collateral. However, holders would still be subordinated to Deutsche Bank, which is the lender for a HKD 3.95bn ($508mn) loan backed by the same commercial asset, as per reports.
Its 4.125% 2029s have traded lower by 3 points from earlier this week, currently at 71.9 cents on the dollar, yielding 14.2%.
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