New World Development prices $950m unrated bond

The Hong Kong property group returns to the US dollar bond market with a seven-year offering.

New World Development prices $950m unrated bond

Hong Kong real estate developer New World Development returned to the international bond markets on Friday, raising $950 million through the sale of a seven-year unrated note.

The deal attracted a very strong order book that had topped $3.5 billion by the time final price guidance was released towards the end of the Asian trading day. Such strong momentum was not that surprising given the underlying positive tone of secondary markets and the rarity value...

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