US HY shows early warning signs of investor indigestion
The pace of US high yield primary activity remained brisk this week as expectations of slow but positive growth continued to lure buyers. However, the sector — where this year’s new issues have already surpassed last year’s record volume — is also exhibiting early signs of investor indigestion, according to bankers.
The week kicked off with CCO Holdings pricing its increased $1bn seven year non-call three senior notes offering at 7.25% at par. Citigroup, Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and UBS were joint books.
In addition, GenOn priced a $1.22bn two-part offering. The $675m 9.5%
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