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Bond Market News
NWD’s Dollar Bonds Drop Across the Curve
January 16, 2025
New World Developments’ (NWD) dollar bonds fell by 1-1.5 points across the curve. While there was no specific reasons attributable to the move, Bloomberg Intelligence (BI) noted that the developer and its peers that have a sizable business exposure to mainland China may risk seeing profits erode due to a weaker yuan in relation to the Hong Kong dollar. In particular, it highlighted peers like Wharf Holdings, Kerry Properties and Hang Lung Properties. BI noted that the book value of landlords’ mainland leasing portfolios could fall due to the above, coupled with headwinds in the sector.
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