After March’s record issuance of Eu7.2bn worth of European high yield bonds and April’s influx of small deals over the past few weeks, even the busy sub-investment grade market has slowed down between the holidays. The last European deal still in the market before Easter, Consolidated Minerals’ $405m (Eu278m) five year bond, priced last Thursday in line with 9% yield guidance.
The manganese ore producer priced the non-call three senior secured notes at 99.5032 with an 8.875% coupon. The notes tightened to a bid of 101.25 on Tuesday.
Consolidated Minerals launched the bond on Monday, April 11. Deutsche Bank and Citi organised a roadshow through Singapore, Hong Kong, London and