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.
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Ballarpur is India's biggest maker of writing and printing paper
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<div style="text-align: left;"> Ballarpur is India's biggest maker of writing and printing paper </div>

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 S&P 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 The final guidance was 9 75% and that's where the coupon was fixed for a par issue price

The leads — HSBC and Royal Bank of Scotland — heavily targeted private banking clients and most of the bonds were distributed to Asian investors Despite...

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