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Bond Market News
NWD’s Dollar Bonds Dip Further as Perp Approaches March Call
January 20, 2025
NWD’s dollar bonds continued to edge lower. The developer continues to search for options to liquidate some of its assets amid ongoing financial woes. JPMorgan assesses that NWD’s adjusted debt ratio stands at 85%. NWD has a 6.15% Perp that is callable in mid-March, and if not called, the coupon will reset to the 3Y UST plus 620.1bp, which at current levels would equal about 10.5%. UBS believes that NWD needs at least over $3bn annually to stay afloat. Another independent analyst added that the developer may have to resort to selling its coveted K11 MUSEA mall, noting even that might not be enough. Over the last few weeks, NWD had requested its bank lenders to waive the potential covenant breach and suspend covenant testing through end-2025, and increase its net debt-to-equity covenant to 100% from the current cap of 80%.
NWD’s 6.15% Perp fell 1.6 points to 51 cents on the dollar, yielding 20.5%.
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