Hong Kong-based developer New World Development’s (NWD) dollar bonds slipped on Tuesday, led by its perps that fell by over 3 points. While there was no specific news that explains the price drop, there have been concerns that Hong Kong’s mass-residential prices could drop 10-15% before the end-2023 and that mortgage rates could be much higher than housing rental yields for a prolonged period.
NWD’s Dollar Bonds Drop, Led by Perps Falling Over 3 Points
