New-look Adaro smashes early price talk on way to $800m hit
Indonesian coal miner Adaro launched Asia’s biggest high yield bond of the year late on Thursday in a tightly-priced deal that underscores the strength of investor demand for sub-investment grade corporate debt.
Adaro sold $800m of 10 year bonds, callable at a premium after five years, to yield 7.75%, beating early price talk when the deal was first announced two weeks ago that had put the deal closer to a 9% yield.
The final book reached $5.75bn with orders from
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