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Bond Market News
NWD Announces Early Tender Results
October 16, 2026
New World Development (NWD) announced the early tender results of its $991mn debt exchange offer for its three dollar notes. Creditors tendered ~$199.1mn in aggregate principal, by the early tender deadline of October 14. Holders had tendered $33.5mn of the 4.75% 2027s, $20.3mn of the 5.875% 2027s and $145.2mn of the 8.625% 2028s. The new issuer, CS Management Services (NB) Ltd, operating as New VD BondCo, will accept all valid early tenders in full without scaling as the resulting issuance remains within the applicable caps. The company expects to issue $189.1mn of new notes maturing in December 2032, in exchange for the accepted existing bonds. Settlement is expected on October 20, following the early tender deadline of October 14. The exchange offer provides participating bondholders with new longer-dated securities, extending maturities from 2027–2028 to 2032. The transaction is part of NWD’s debt management efforts.
Its 4.75% 2027s were trading at 98.6 (yielding 10.3%), 5.875% 2027s were at 97.6 (yielding 9.7%) and 8.625% 2028s were at 96.4 (yielding 11.7%).
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– Vandit P
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