Avago kick starts high-yield market with huge debut

Despite its US ties, the semiconductor firm re-energizes Asian high yield market.

Avago Technologies priced a meaty three tranche high yield bond in New York on Monday November 21, raising $1 billion via joint bookrunners Lehman Brothers, Citigroup and Credit Suisse First Boston. The deal represents the largest high-yield offering from Asia this year, even though many view the deal as a US credit play.

Avago is incorporated in Singapore but is headquartered in California. The deal is comprised of a $500 million eight-year non call four-year senior fixed rate tranche a $250 million 7.5-year non call two-year senior FRN tranche both rated B3B, and a Caa2CCC rated $250 million 10-year non call five-year senior subordinated tranche.

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