Unrated NWS Holdings struggles to print debut bond

Hong Kong company NWS Holdings decided to delay its debut dollar bond late last week after efforts to market the bond failed to gain traction among investors. NWS Holdings is the infrastructure and services flagship of New World Development, which owns 59.8%. New World’s chairman is well-known Hong Kong tycoon Cheng Yu Tung.

The leads Deutsche Bank, HSBC, J.P. Morgan and Standard Chartered started marketing a five-year dollar bond to investors at Treasuries plus 550bp last Wednesday. After that initial guidance was released, there was “radio silence” on the deal, according to one rival. The leads did not release any updates on the size of the order book and...