Fixed-for-life perps resurface as New World prices

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By Addison Gong
05 Mar 2019

Hong Kong-based New World Development Co was able to find enough demand to cover a $500m ‘fixed-for-life’ perpetual bond, returning to a structure that lost attraction amid expectations about rising rates.

Frequent dollar issuer New World priced the $500m senior perpetual non-call five year bond at 6.25% and at par on Monday. UBS was the sole bookrunner and lead manager. A source with knowledge of the Reg S deal said the price did not move from the initial guidance. ...

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