Panva Gas re-energises Asian high yield bond market

Order book blows a gasket as demand for deal tops $1.5 billion.

Panva Gas made its high yield debut yesterday September 16 with an upsized $200 million bond issue via Merrill Lynch and Morgan Stanley. The seven-year offering by the Hong Kong-listed operator attracted a gigantic order book of $1.5 billion, making it the most heavily oversubscribed high yield bond deal from Asia in a very long time.

The deal's rapturous reception stands in stark contrast to the dismal market conditions Asian issuers experienced before the summer break...

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