New World's Perpetual Bond Drops as Coupon Payment Date Nears
A perpetual bond issued by Hong Kong developer New World Development Co. fell to its lowest level in three months, as investors wait to see whether the company will defer June coupon payments.
The 6.15% perpetual note slumped more than 4 cents to 54.8 cents on the dollar as of 4:23 p.m. Hong Kong time, heading for its lowest level since February, according to data compiled by Bloomberg News. Several other dollar bonds sold by the troubled builder slid about 2 cents.
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