Issuer: Orange
Amount: $545 million; £200 million; €100 million
Launched: July 17 1998
Issue type: Multi-tranche high-yield bond
Maturity: August 1 1998
Bookrunner: Goldman Sachs
For all the talk of the growth of a high-yield bond market in Europe, it did not take long for it to run into trouble. Investors were already wary of what for them was a new product; many issues were either too small to be anything other than bastardized private placements, or relied on the US market to be sold.
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