Bond Factsheet
Trading without Accrued Interest
NWDEVL 12.179% Perpetual Corp (USD)
NWD Finance (BVI) Limited
Indicative
Full Lot
Bid Price 92.083
Change in Bid Price 0.667
Bid Yield (%) 0.059 %
Change in Bid Yield 0.005
Ask Price 93.500
Change in Ask Price 0.375
Ask Yield (%) 0.048 %
Change in Ask Yield 0.002
Indicative price as of 01 Oct 2026, 3:50pm
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
16 Jun 2020
Issue Date
22 Jun 2020
Maturity Date
Perpetual
Years to Maturity / Next Call
Perpetual / 0.086
Modified Duration
0.055 @ 30 Sep 2026
Issue / Reoffer Price
100.000
Issue / Reoffer Yield
5.250
Coupon Type
Variable
Annual Coupon Rate
12.179
Coupon Frequency
Semi Annually
Seniority
Senior Unsecured
Reference Rate
Reset Date: 22 June 2026 and every 5 years thereafter
Reset Rate: Prevailing 5 year UST plus the Initial Spread (4.889%) plus a Step-Up Margin of 300bps
Accrued Interest
Trading without
ISIN
XS2132986741
CUSIP
BK0893614
Bond Currency
USD
Total Issue Size
1,000,000,000
Outstanding Issue Size
743,353,000
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
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 applicable 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 applicable 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 discretionary dividends, distributions or make any other discretionary payment on, and will procure that no discretionary dividend, distribution or other discretionary 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.
Distribution Pusher: 3-month look-back
Issuer Call
Callable (in whole but not in part) at par on any business day commencing from the date that falls 3 months prior to 22 June 2026 (the ''First Reset Date'')
Coupon Step
(i) Increase in Distribution Rate: 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.
(ii) Decrease in Distribution Rate: If following an increase in the Distribution Rate upon the occurrence of a Change of Control pursuant to Condition 4(c)(i) (Increase in Distribution Rate) such Change of Control is cured, remedied, no longer applicable or no longer continuing, then upon notification to the Holders and the Fiscal Agent accompanied by a certificate, signed by two directors of the Guarantor, stating that the Change of Control has been cured, remedied, is no longer applicable or is no longer continuing (as the case may be) and setting out the details of such circumstances, the Distribution Rate will decrease by 3.00 per cent. per annum with effect from the next Distribution Payment Date immediately following the date of the notification referred to in this Condition 4(c)(ii), provided that the maximum aggregate decrease in the Distribution Rate pursuant to this Condition 4(c)(ii) shall be 3.00 per cent.
''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;
Change Control Call
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;
Bondsupermart strives to ensure the accuracy and relevance of the information provided here. If the information is not up-to-date or erroneous, we appreciate feedback to keep it accurate.
Bond Calculator
Yield Calculation
Investment Amount
Nominal Value-
Principal Amount-
Accrued Interest-
Total Payable-
Cash Flow Information
