NWC bond sale buoyed by letter of support

By Virginia Furness
31 Oct 2014

New World China (NWC), the flagship mainland property arm of Hong Kong’s New World Development, has used a letter of support to price a five year dollar bond.

Unusually, the letter comes from the Hong Kong-based New World Development (NWD) to offer support for the onshore company. In most bond issues the onshore parent will offer a guarantee or keepwell agreement to support a bond issued by an offshore subsidiary.

Unlike a guarantee, however, the ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial