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Bond Market News
NWD’s Dollar Bonds Move Higher on Reports of a Potential Take-Private Deal
August 8, 2025
New World Development’s (NWD) shares and dollar bonds surged on Thursday after a media report on a potential refinancing and take-private deal. Its shares rallied by 8.7% and its dollar bonds were up by over 4 points across the curve (as seen in the chart below). It was reported that the developer, along with its controlling Cheng family, were in discussions with US private equity firm Blackstone regarding a financing deal of up to $2.5bn, which could result in a joint take-private offer. According to the media report, the discussions, which could involve preferred or ordinary shares, are in the early stages and are subject to change. However, NWD said in a filing to the Hong Kong stock exchange yesterday, that no share offers were given to the company by any person, including the controlling shareholders of NWD and Blackstone.
Its 5.875% 2027s were up by nearly 7 points to trade at 76.3 cents on the dollar, yielding 22.1%.
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