Hong Kong property developer achieves capital markets first

New World Development becomes the first Asian corporate to issue a USD-denominated dual-tranche social and green offering in the public bond markets.

Last Friday June 10, Hong Kong-listed real estate firm, New World Development, became Asia’s first non-financial corporate to issue a USD-denominated social bond in the public bond markets. The issuance also marked the first time that a Greater China-headquartered company had closed a USD-denominated green perpetual facility in the public arena.

The dual-tranche offering comprised a $200 million dollar social note with a coupon rate of 5.875%, which priced at 290 basis points over US Treasuries and a $500 million green perpetual note with a coupon of 6.15%.

An announcement by the firm detailed that the bonds were nearly five times oversubscribed at ...

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