Two new European-currency corporate high-yield bonds appeared last month, opening what could soon become a thriving sector of the international bond markets. The welcome which supposedly credit-risk-averse European bond investors gave to the two deals was quite spectacular.
Morgan Stanley led a Dm175 million seven-year issue for battery company Exide Holding. The senior bonds are rated B1 by Moody’s. The deal was increased from Dm150 million, after being twice oversubscribed at a spread of 375 basis points over Treuhand bonds, the tight end of the indicated price range of 375bp-400bp.
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