Puma Energy pulls bond, investors say credit story 'uncredible'
Singapore-incorporated global energy business Puma Energy has pulled a planned dollar bond that was set to refinance an existing loan. The company attributed it to a lack of conducive market conditions, though investors say the issuer's credit story was unconvincing.
Puma Energy, rated B1/BB- By Moody's and Fitch, mandated banks on a Reg S/144A five year senior dollar bond of $300m-$650m in late September.
ING, MUFG, Natixis and Société Générale arranged investor calls for the trade.But both market sources and Puma Energy said that, after speaking ...