Tereos fail warns HY hybrids better wait

By Victor Jimenez
20 Jul 2017

European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.

“The pricing the borrower was after was simply too tight,” said a head of corporate syndicate with knowledge of the situation.

A banker on the deal declined to comment, other than to confirm the deal had been ...

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