Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>UST yields declined yesterday, partly unwinding Tuesday's bear curve steepening move.</li>
<li>This was after US President Donald Trump said he has reached a deal framework on Greenland, as well as on good demand for a 20Y notes auction.</li>
<li>The UST curve bull-flattened, with the yield on the 2Y UST falling 1 bp to 3.59% and down 5 bps on the 10Y UST at 4.24%. E</li>
</ul>


UST yields declined yesterday, partly unwinding Tuesday's bear curve steepening move.
This was after US President Donald Trump said he has reached a deal framework on Greenland, as well as on good demand for a 20Y notes auction.
The UST curve bull-flattened, with the yield on the 2Y UST falling 1 bp to 3.59% and down 5 bps on the 10Y UST at 4.24%. E


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Equity Bottom-Up

<ul>
 <li>
<a href="https://smartkarma.com/entities/new-world-development">New World Development</a> (NWD) is a high-leverage property developer currently trading at a significant discount to its book value, positioning it as a high-risk, high-reward play on the Hong Kong property market and future interest rate cuts.</li>
 <li>The company has experienced severe financial distress, reporting substantial net losses and negative cash flows over the past two years, leading to a sharp dividend cut and a deeply negative growth track record across all key metrics.</li>
 <li>Management is actively pursuing a deleveraging strategy through asset disposals and debt management, such as the recent exchange offer for its perpetual securities. The success of these initiatives is critical to navigating the challenging market and restoring investor confidence.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
New World Development (NWD) is a high-leverage property developer currently trading at a significant discount to its book value, positioning it as a high-risk, high-reward play on the Hong Kong property market and future interest rate cuts.
  The company has experienced severe financial distress, reporting substantial net losses and negative cash flows over the past two years, leading to a sharp dividend cut and a deeply negative growth track record across all key metrics.
  Management is actively pursuing a deleveraging strategy through asset disposals and debt management, such as the recent exchange offer for its perpetual securities. The success of these initiatives is critical to navigating the challenging market and restoring investor confidence.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: New World Development (17 HK) - Dec 2025

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and discussions with the LME advisor.</li><li>In brief, NWD launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.</li><li>The maximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and discussions with the LME advisor.In brief, NWD launched holistic exchange offers for all of its 5 perps and 6 USD bonds with a total outstanding amount of cUSD6.8bn to exchange into new perp with an initial coupon rate of 9% and bond due 2031 with a coupon rate of 7%.The maximum new perp and bond to be issued will be USD1.9bn, including the cap on new perp issue at USD1.6bn. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

CMBI Fixed Income - NWD: A LME focusing on perps

<ul>
<li>We believe that New World Development's (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring the existing perps.</li>
<li>Hence, the exercise, if completed, would be credit positive for the company.</li>
<li>This would in turn support the prices of the existing straight bonds.</li>
</ul>


We believe that New World Development's (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring the existing perps.
Hence, the exercise, if completed, would be credit positive for the company.
This would in turn support the prices of the existing straight bonds.


New World Development - Event Flash - Exchange Offers For All USD Perps And Bonds - Lucror Analytics

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Thematic (Sector/Industry)

<ul>
<li>This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress</li>
<li>We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market</li>
<li>We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources</li>
</ul>


This note is a weekly (select weeks on SK) curated selection of Chinese news articles and company announcements focused on developers in distress
We look for their deals, updates, specific project progress news ('local signals'), as well as relevant local research commentaries about the market
We do not verify the underlying data or provide any opinion; we only select and summarise the information. See direct links to the sources


REF China Property Developers In Distress - Weekly News & Announcements Tracker | May 22-28, 2026

Hong Kong

New World Development is a Hong Kong-based conglomerate primarily engaged in property development and investment, hotels, infrastructure and services, and department stores in Greater China, particularly the Greater Bay Area. Its portfolio includes residential, retail, office, and industrial properties, as well as hotel operations and various infrastructure projects. The company was founded in 1970 and is headquartered in Central, Hong Kong.

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New World Development (17 HK)

Lucror Analytics - Morning Views Asia

UST yields declined yesterday, partly unwinding Tuesday's bear curve steepening move. This was after US President Donald Trump said he has reached...

Lucror Analytics

Primer: New World Development (17 HK) - Dec 2025

New World Development (NWD) is a high-leverage property developer currently trading at a significant discount to its book value, positioning it...

αSK Primers

CMBI Fixed Income - NWD: A LME focusing on perps

Further to our summary on the exchange offers on 3 Nov’25, we share below more of our thoughts on the LME after numerous client discussions and...

CMB International

New World Development - Event Flash - Exchange Offers For All USD Perps And Bonds - Lucror Analytics

We believe that New World Development's (NWD) focus for the proposed exchange offers is to reduce its outstanding debt, mainly by restructuring...

Lucror Analytics

REF China Property Developers In Distress - Weekly News & Announcements Tracker | May 22-28, 2026

This note is a weekly (May 22-28, 2026; select weeks on SK) curation by Real Estate Foresight (REF) of Chinese news articles and company...

Robert Ciemniak

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