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Bond Market News
NWD’s Exchange Offer Receives Strong Interest
November 11, 2025
New World Development (NWD) received strong interest across investors for its recently launched exchange offer. The early tender expiration date was set to November 17. To recap, the offer includes a maximum aggregate acceptance amount of $1.6bn in new perpetual notes and $300mn in new senior notes, aimed at optimizing debt maturities, improving liquidity, and strengthening the balance sheet amid weak market conditions. The coupon on the new perp will be set at 9% and that on the senior notes will be set at 7%. The developer will pay a 2 point exchange fee in cash for its existing perps that are tendered on or before the early tender date. The company still faces pressure to sell off some of its assets given its large outstanding bond repayments of ~$7.9bn.
NWD’s dollar bonds maturing in 2029 and 2030 had fallen by 1-2 points earlier yesterday. They are now trading higher by a point – its 4.125% 2029s are currently at 71 cents on the dollar, yielding 14.6%.
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