PT Chandra Asri Petrochemical returned to the international bond markets for the first time in seven years on Tuesday with a $300 million deal, which underlined just how much high yield spreads have compressed in recent years.
When the group last came to market in October 2010, its five-year deal carried a 12.875% coupon on a B2B rating.
This time round, it has more than halved that cost to 5.1%, although there is a structural difference between the old and new deal since the latest offering has been issued in its own name rather than through a...
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