Bond Factsheet
Trading without Accrued Interest
NWDEVL 6.250% Perpetual Corp (USD)
NWD Finance (BVI) Limited
Indicative
Full Lot
Bid Price 51.750
Change in Bid Price 0.091
Bid Yield (%) 0.455 %
Change in Bid Yield 0.001
Ask Price 53.500
Change in Ask Price 0.451
Ask Yield (%) 0.432 %
Change in Ask Yield 0.006
Indicative price as of 02 Oct 2026, 4:33pm
Ask Yield to Worst
Bid Yield to Worst
Ask Yield to Maturity
Bid Yield to Maturity
Bond Issuer
NWD Finance (BVI) Limited
Guarantor
New World Development Co Ltd
Announcement Date
04 Mar 2019
Issue Date
07 Mar 2019
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.418
Modified Duration
0.206 @ 02 Oct 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
6.250
Coupon Type
Fixed
Annual Coupon Rate
6.250
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Reference Rate
-
Accrued Interest
Trading without
ISIN
XS1960476387
CUSIP
AX5046443
Bond Currency
USD
Total Issue Size
1,300,000,000
Outstanding Issue Size
599,295,000
Min. Investment Quantity (Nominal)
USD 200,000
Incremental Quantity (Nominal)
USD 1,000
Bond Type
High Yield Corporate
Bond Sector
Financials
Bond Sub Sector
Real Estate Management and Development
Issuer Credit Rating (S&P/ Fitch)
***/ N.R
Bond Credit Rating (S&P/ Fitch)
***/ N.R
Shariah Compliant
No
Exchange Listed
HKEX
Deferral Interest Payment
The Issuer may, at its sole discretion, elect to defer Distribution which is otherwise scheduled to be paid on a Distribution Payment Date to the next Distribution Payment Date by giving notice (an “Optional Deferral Notice”) to the Holders (in accordance with Condition 14 (Notices)) not more than 10 nor less than 5 Business Days prior to a scheduled Distribution Payment Date if, during the three months ending on the day before that scheduled Distribution Payment Date no dividend, distribution or other payment has been paid or declared by the Issuer or the Guarantor on or in respect of its Junior Securities or its Parity Securities (except in connection with any benefit plan or similar arrangements with or for the benefit of employees, officers, directors or consultants) (an “Optional Deferral Event”).
Cumulative Deferral
Any Distribution deferred pursuant to this Condition 4(d) shall constitute "Arrears of Distribution". The Issuer may, at its sole discretion, elect to further defer any Arrears of Distribution by complying with the foregoing notice requirement applicable to any deferral of an accrued Distribution. The Issuer is not subject to any limit as to the number of times Distributions and Arrears of Distribution may be deferred pursuant to this Condition 4(d) except that Condition 4(d)(v) shall be complied with until all outstanding Arrears of Distribution have been paid in full.
Each amount of Arrears of Distribution shall bear interest as if it constituted the principal of the Securities at the Distribution Rate and the amount of such interest (the "Additional Distribution Amount") with respect to Arrears of Distribution shall be due and payable pursuant to this Condition 4 and shall be calculated by applying the Distribution Rate to the amount of the Arrears of Distribution and otherwise mutatis mutandis as provided in the foregoing provisions of this Condition 4. The Additional Distribution Amount accrued up to any Distribution Payment Date shall be added for the purpose of calculating the Additional Distribution Amount accruing thereafter, to the amount of Arrears of Distribution remaining unpaid on such Distribution Payment Date so that it will itself become Arrears of Distribution.
Dividend Stopper
If on any Distribution Payment Date, payment of all Distribution payments scheduled to be made on such date is not made in full by reason of this Condition 4(d), the Issuer and the Guarantor shall not:
(A) declare or pay any dividends, distributions or make any other payment on, and will procure that no dividend, distribution or other payment is made on any of its Junior Securities or (except on a pro-rata basis) its Parity Securities provided that such restriction shall not apply to payments declared, paid or made in respect of an employee benefit plan or similar arrangement with or for the benefit of employees, officers, directors or consultants; or
(B) at its discretion redeem, reduce, cancel, buy-back or acquire for any consideration any of its Junior Securities or its Parity Securities, provided that such restriction shall not apply to an exchange by the Issuer or the Guarantor of any of its Parity Securities for Junior Securities or in relation to Parity Securities, on a pro-rata basis,
in each case unless and until (i) the Issuer or the Guarantor has satisfied in full all outstanding Arrears of Distribution; or (ii) permitted to do so by an Extraordinary Resolution (as defined in the Agency Agreement) of the Holders.
Issuer Call
The Securities may be redeemed at the option of the Issuer in whole, but not in part, on the Distribution Payment Date falling in March 2024 or on any Distribution Payment Date thereafter (each, a “Call Date”) on the Issuer’s giving not less than 30 nor more than 60 days’ notice to the Holders (which notice shall be irrevocable and shall oblige the Issuer to redeem the Securities on the relevant Call Date at their principal amount plus Distribution accrued and unpaid to such date (including any Arrears of Distribution and any Additional Distribution Amount, if any)).
Redemption for minimum outstanding amount
The Securities may be redeemed at the option of the Issuer in whole, but not in part, at any time on giving not less than 30 nor more than 60 days’ notice to the Holders (which notice will be irrevocable), the Registrar and the Fiscal Agent at their principal amount, together with Distribution accrued and unpaid to the date fixed for redemption (including any Arrears of Distribution and any Additional Distribution Amount, if any) if prior to the date of such notice at least 90 per cent. in principal amount of the Securities originally issued (including any further Securities issued pursuant to Condition 13 (Further Issues) and consolidated and forming a single series with the Securities) has already been redeemed or purchased and cancelled.
Coupon Step
Upon the occurrence of a Change of Control, unless an irrevocable notice to redeem the Securities has been given to Holders by the Issuer pursuant to Condition 5(e) (Redemption and Purchase — Redemption for Change of Control) by the 30th day following the occurrence of the Change of Control, the Distribution Rate will increase by 3.00 per cent. per annum with effect from (i) the next Distribution Payment Date; or (ii) if the date on which a Change of Control occurs is prior to the most recent preceding Distribution Payment Date, such Distribution Payment Date.
Change Control Call
Upon the occurrence of a Change in Control, the Issuer shall give notice to Holders and the Fiscal Agent in accordance with Condition 14 (Notices) by not later than 14 days following the first day on which it becomes aware of the occurrence of such Change of Control, stipulating that a Change in Control has occurred and whether or not it will redeem the Securities pursuant to this Condition 5(e). A notice given by the Issuer stipulating that it will redeem the Securities pursuant to this Condition 5(e) shall: (A) stipulate the Change of Control Call Date; (B) be irrevocable; and (C) oblige the Issuer to redeem the Securities on the Change of Control Call Date at their principal amount together with Distribution accrued and unpaid to such date (including any Arrears of Distribution and any Additional Distribution Amount, if any).
The "Change of Control Call Date" shall be a date not less than 30 nor more than 60 days from the date of the notice referred to in the paragraph above.
"Change of Control" occurs when:
(i) any Person or Persons acting together acquires Control of the Guarantor if such Person or Persons does not or do not have, and would not be deemed to have, Control of the Guarantor on the Issue Date;
(ii) the Guarantor consolidates with or merges into or sells or transfers all or substantially all of its assets to any other Person, unless the consolidation, merger, sale or transfer will not result in the other Person or Persons acquiring Control over the Guarantor or the successor entity; or
(iii) one or more Persons acquires the beneficial ownership of all or substantially all of the Guarantor's issued share capital;
"Control" means the acquisition or control of more than 50 per cent. of the voting rights of the issued share capital of the Guarantor or the right to appoint and/or remove all or the majority of the members of the Guarantor's board of directors or other governing body, whether obtained directly or indirectly, and whether obtained by ownership of share capital, the possession of voting rights, contract or otherwise and the terms "Controlling" and "Controlled" shall have meanings correlative to the foregoing;
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