Delhi International Airport Ltd Dial priced a well-received, debut dollar-denominated bond on Tuesday that demonstrates the current strength of secondary market momentum in Asia's high yield sector.
The Ba1BB-rated issuer completed a seven-year Reg S deal at par with a coupon and re-offer yield of 6.125%, raising $288.75 million. This was the tight end of revised guidance, which started off around the 6.5% level and was then narrowed to 6.125% to 6.25%.
The deal attracted a large $5 billion order book, with 350 accounts, of which Asia accounted for 70%, Europe 27% and offshore US 3%. By investor type,...
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