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Bond Market News
NWD’s Dollar Bonds Rally After Buyback Offer for 4.75% 2027s and 6.15% Perp
August 2, 2024
New World Development (NWD) launched a tender offer to buy back $400mn in bonds to help boost confidence in its financial health. It offered $960 per $1,000 in principal for its 4.75% 2027s and $1,000 per $1,000 in principal for its 6.15% Perp. This offer is at a premium to the market price of 93.9 and 99.01 respectively. NWD said that the tender offers were to optimize its debt profile and will be funded by the proceeds from a new bond issuance. It plans to issue new senior guaranteed dollar bonds under its $7bn MTN program. As part of its efforts to try reviving investor confidence, the developer has been trying to buy back bonds, with the Cheng family also increasing its stake. NWD recently also refinanced a HKD 9.5bn ($1.2bn) loan with Abu Dhabi Investment Authority for its hotel assets in June.
NWD’s Perps were higher by 1.5-2.5 points yesterday. Its 6.15% Perp up almost 3 points this week to 99.01, yielding 7.84%.
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