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Bond Market News
NWD’s Dollar Bonds Drop Again on Project Delay
December 17, 2024
Dollar bonds of NWD dropped by over 1.5 points across the curve. Local media reported that there was a further delay in the completion of NWD’s Pavilia Farm III project in the Tai Wai district of Hong Kong. The housing project is now expected to be completed by March 2026, a year later than the original date. The reason for the delay was mainly due to adverse weather conditions and other related factors. With this, Bloomberg Intelligence analysts note that NWD could take a profit hit, as it will “need to compensate mortgage interest for other buyers at the HSBC prime rate plus 2% until the project’s completion”. While the company has been focusing on asset sales by disposing non-core assets, its dollar bonds have been trending lower in recent weeks. The developer recently appointed Echo Huang Shaomei as CEO amid its ongoing financial and family succession issues. This came after it reported its first full-year loss in two decades.
NWD’s 5.25% Perp fell 1.7 points to 66.36, yielding 16.31% and its 8.625% 2028s fell 1.7 points to 84.8, yielding 14.9%.
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