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Bond Market News
NWD’s Shareholder Seeks to Finance $932mn Loan
March 17, 2026
Chow Tai Fook Enterprises (CTFE), the largest shareholder of New World Development (NWD) is seeking to refinance a HKD 7.3bn ($932mn) loan due in June through a potential five-year facility. The move is closely watched because CTFE holds over a 40% stake in NWD, which narrowly avoided default last year. To strengthen its balance sheet ahead of the refinancing, CTFE has made several moves in recent months, such as transferring a 54% stake in Chow Tai Fook Jewellery into a CTFE unit, and agreeing to sell Australian power producer Alinta Energy to Singapore’s Sembcorp. Together, these deals are expected to cut CTFE’s net debt-to-net asset ratio from 62% to ~29%, and its net debt-to-EBITDA from 7.3x to 3.7x. The refinancing effort is further complicated by stalled talks with Blackstone over a potential capital injection into NWD — negotiations broke down because the Cheng family was reluctant to give up control.
NWD’s bonds traded stable with its 9% Perp at 102.3 cents on the dollar.
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