NEW WORLD SWAPS NEARLY $1 BILLION IN BONDS

Hong Kong developer New World Development ($NDVLY) launched an exchange offer for about $991 million in dollar bonds maturing in 2027 and 2028. Bondholders can swap into up to $600 million of new 7.375% senior secured notes due 2032, issued through a newly created vehicle called New VD BondCo. Locking in a 7.375% coupon to buy four extra years of runway shows how expensive refinancing has become for one of Hong Kong's most indebted builders. The offer closes October 20.