Consolidated Minerals last to print before Easter lull

25 Apr 2011

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 ...

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