Asia's high-yield bond market had a good start to the year with investors clearly expressing their appetite for this kind of paper. And with Indosat's successful pricing early Friday morning of $650 million worth of fixed-rate guaranteed senior notes on the back of massive demand, this appetite is showing no signs of tapering off.
As one source wrote We are starting to see risk appetite coming back from the Asian accounts for high-quality names with decent yields after the recent market volatility.
News that the Indonesian telecom services provider was looking to price did not come as a surprise. In May the company announced a tender offer for its outstanding 2010 and 2012...
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