Ciech sells high yield debut at tight end, increases to €245m

Ciech, the Polish speciality chemicals company, sold its first international high yield bond today. The transaction attracted enough demand to be increased by €20m to €245m.

  • 21 Nov 2012

The senior secured notes 2019 came with a 9.5% coupon at par, at the tight range of 9.5%-9.75% guidance. The books were closed at 2pm.

“We wanted it to come relatively wide, given that there is leverage and some execution risk,” said a high yield analyst in London. “But ...

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