Corporate Debt Restructuring Masterclass

18 July 2022 (Mon), 5pm Singapore/HK time

New World Development (NWD) has accepted to repurchase $129.4mn, or 13.6% of its 4.375% 2022s which currently has an outstanding principal of $950mn. The new outstanding amount would be $820.6mn. The tender offer was made alongside its $700mn dual-tranche issuance that got priced on June 9. NWD offered to pay $1,005 per $1,000 in principal. The tender offer was considered regular liability management by the Hong Kong company. IFR notes that the tender offer helped stimulate increased demand for its new notes which were issued then, namely its $200mn 5.875% social bonds due 2027 and $700mn 6.15% PerpNC3 green bond. The two bonds received order books of 2.1x and 3x issue size with private banks accounting for 37% and 36% of the orders respectively.

NWD’s 4.375% 2032s are currently trading flat at 100.2, yielding 3.98%

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