Tereos failed deal hints at tough times for HY bonds

The French sugar producer pulls its non-call six-year perpetual as investors report a "fairly miserable" outlook for credit markets in the region.

Tereos failed deal hints at tough times for HY bonds

French sugar producer Tereos scrapped what would have been its first bond deal in Asia, a non-call six-year perpetual, on Monday night as investors reported weak conditions on the region's high-yield credit markets.

The group had hoped to join a growing trend of European borrowers raising money in Asia to take advantage of the appetite from Asia's private banks and institutional investors for income-generating instruments, higher yield spread and credit risk offered...

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