With all due respect, but if Digicel can print a seven-year issue then…” Jim Craige, partner at Stone Harbor Investment Partners in New York, which manages emerging market fixed-income funds, pauses momentarily. He continues: “Let’s just say that if I were an issuer I’d be out in the market all day long. I’d turn myself out to 2016 right now if I could. You could sell anything in this market.”
Craige was speaking two days after the Caribbean telecom’s $250 million transaction on February 7 that priced at par to yield 7% (treasuries plus 503 basis points).
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