Borrower view: TAM bonds fly high

TAM Airlines CEO: Marco Antonio Bologna CFO: Libano Miranda Barroso Ownership: 54.7% owned by Amaro family, 45.3% public float Bond deal: $300 million, 10-year Reg S/144A priced on April 20 Lead managers: Citi, UBS Coupon: 7.375%

Credit crunch? What credit crunch? If the success of recent high-yield corporate bonds out of Latin America is anything to go by, investors are still falling over themselves to get their hands on the riskier end of the credit spectrum. One such credit is TAM, a Brazilian low-cost airline.