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Bond Market News
NWD’s Dollar Bonds Reverse Some of Its Losses
September 4, 2023
New World Development’s (NWD) dollar bonds staged a recovery after a sharp sell-off last week. After rumors that NWD “had pledged its projects” to obtain financing saw their bonds crash, a spokesperson for the company said that the allegations were untrue. The spokesperson lately also pointed out at NWD’s earnings presentation to analysts in February, mentioning plans to make cash available for such bond buybacks to cut debt. In its its February presentation, NWD said that it had bought back a $482mn in four of its dollar bonds in December, ahead of schedule.
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