NWC bond sale buoyed by letter of support

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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 ...

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