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Bond Market News
NWD’s Dollar Bonds Jump on Rumors of Funding Injection; Company Denies Rumors in a Statement
September 2, 2025
New World Development (NWD) issued a clarification statement following reports that its controlling shareholder, the Cheng family, was considering injecting approximately HKD 10bn ($1.3bn) into the company by year-end, alongside seeking equity partners for a similar amount.. According to reports, the plan under discussion would establish a joint venture to provide liquidity to NWD. The talks were ongoing and details about the deal’s size and structure could change. The group confirmed it had not received any such capital injection proposals beyond routine financing activities, including ongoing negotiations for loan facilities led by Deutsche Bank. It was reported last month that Blackstone and the Cheng family were considering co-investing about $2.5bn into NWD, with options discussed for the investment in the form of preferred or ordinary equity.
NWD’s dollar bonds jumped higher by as much as 3 points across the curve. Its 5.875% 2027s are now up by nearly 5 points from a week ago, at 84 cents on the dollar, yielding 16.6%.
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