credit-suisse-fends-off-usurpers-to-mirant-bond-mandate

Credit Suisse fends off usurpers to Mirant bond mandate

Having been bombarded with bids from investment banks looking to be tipped as joint-leads, Mirant Philippines opts to go with a one horse deal for its possible $1.2 billion high-yield bond issue.
After weeks of defending its sole lead manager status on the proposed bond deal for Philippine independent power producer IPP Mirant Philippines, Credit Suisse has put pen to paper and will be the lone manager on what could be AsiaÆs largest ever high-yield corporate offering.

The deal could be worth upwards of $1.2 billion, although no formal size has been determined. Mirant has $1.2 billion in loans maturing later this year. The borrower has yet to decide whether to fund that via a sole bond offering or via a combination of loan and bond deals

High-yield houses such as Deutsche Bank, Goldman Sachs, JPMorgan, and Morgan Stanley were all clamouring to try to get...
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