Ballarpur breaks high-yield drought with $200 million perp

Debut Indian borrower Ballarpur breaks a deathly silence in the high-yield market with a $200 million perpetual.

Ballarpur breaks high-yield drought with $200 million perp
Ballarpur is India's biggest maker of writing and printing paper

Ballarpur International Graphic Paper Holdings braved market conditions to price a $200 million perpetual last night.

Ballarpur is a debut borrower and its perpetual is unrated. However, as the company is rated BB- by SP and Fitch, and most perpetuals are rated two to three notches below the issuer, the hybrid was indisputably a high-yield deal.

The guidance was released in the 9.75% area and did not move from there....

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