New World Development (NWD) raised $1.2bn via a Perpetual non-call 7Y (PerpNC7) at a yield of 4.125%, 37.5bp inside initial guidance of 4.5% area. The bonds were unrated and received orders over $3.3bn, 2.75x issue size. NWD doubled the issue size from their initial target offering after books saw initial demand of over $4.2bn. Asia took 97% and EMEA 3%. If not called, the coupon resets to the 5Y US Treasury yield + initial credit spread of 285.8bp plus a coupon step-up of 300bp. The bonds are callable daily from March 10, 2028 to June 10, 2028 and post that has a semi-annual call schedule. NWD Finance (BVI) is the issuer and the Hong Kong-listed parent company is the guarantor. Proceeds will be used to fund a concurrent tender offer for its $1.2bn 5.75% fixed-for-life Perps and for general corporate purposes. The purchase price for the tender offer is $1,010 for every $1,000 principal. The deadline for the tender offer is June 8. The older 5.75% Perps are currently trading at 101.06, yielding 2.6% in secondary markets.