Investors pounce on Puma’s high yield trade

Puma Energy Truck
By Michael Turner
03 Oct 2017

High yield and emerging market crossover issuer Puma Energy saw demand of more than $2bn for a seven year non-call three year bond on Tuesday, prompting the issuer to slash pricing and increase the size of the trade.

Mid- and downstream oil company Puma Energy, rated Ba2/—/BB, hit screens with initial price thoughts of 5.5% area for a deal signalled as benchmark size after marketing the trade for $300m during the roadshow.

“We like Puma but will always prefer a benchmark deal,” said ...

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