Gate scraps bond as high yield weakens
Singapore’s Global A&T Electronics has postponed a $625m six year bond because of slumping sentiment in the US high yield market. The deal could resurface before the end of the year, but the borrower has a lot of flexibility since the proceeds are being ear-marked to refinance a loan that matures in two years.
Investors had expected bookrunners to release price guidance on Tuesday, after Gate a subsidiary of United Test and Assembly Center finished the US leg of a roadshow on Monday. But rather than leave the market guessing, the leads decided to announce they had pulled the deal.
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