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Bond Market News
NWD’s 6.15% Perp Drops Sharply with No Update Yet on Call
May 14, 2025
New World Development’s (NWD) 6.15% Perp fell by over 7 cents on the dollar, its biggest daily fall in more than a month. The note is callable by 16 June 2025, and the company has to give at least 30 days’ notice if it wants to exercise the call option. As yet, there has been no update and if they do not call back the bond, the coupon will reset to the 3Y US Treasury yield plus 620.1bp. Given the current levels, this would equate to 10.201%, a significantly higher cost as compared to the existing coupon of 6.15%.
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