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Bond Market News
NWD’s Dollar Bonds Move Higher on Fulfilment of Preconditions to Share Sale Deal
October 10, 2023
New World Development’s (NWD) dollar bonds continued to trend higher after NWS Holdings, the conglomerate’s flagship company said that the pre-conditions to the sale of its shares to Century Acquisition were met on October 6. Century Acquisition is a construction subsidiary unit of Chow Tai Fook Enterprises (CTFE), a privately-owned conglomerate spread across multiple industries. CTFE holds about 45.2% of NWD shares, and had offered to buy ~97% of NWS Holdings’ share for a deal value of HKD 35.8bn ($4.6bn). If successful, this transaction would help lighten the debt load at the parent company, NWD.
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