Biosev bumped as LatAm HY stays selective
Brazilian sugar and ethanol group, Biosev became the latest Latin credit to cancel a bond on Wednesday, postponing a $300m seven year non call four B1/BB- deal as it failed to attract enough demand even at price talk of an 11%-12% yield.
Ba2/BB+ rated Millicom’s success (see above) showed that high yield credits can access the markets. But investors are being more selective on credit quality and price, say market participants.
Biosev, 58.4% owned by commodities group Louis Dreyfus, had completed a roadshow on Monday. One investor said that the
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