Panva Gas re-energises Asian high yield bond market

Order book blows a gasket as demand for deal tops $1.5 billion.

Panva Gas made its high yield debut yesterday September 16 with an upsized $200 million bond issue via Merrill Lynch and Morgan Stanley. The seven-year offering by the Hong Kong-listed operator attracted a gigantic order book of $1.5 billion, making it the most heavily oversubscribed high yield bond deal from Asia in a very long time.

The deal's rapturous reception stands in stark contrast to the dismal market conditions Asian issuers experienced before the summer break when transactions struggled to get to market and mostly had to be restructured or postponed. Instead, the Ba1BB rated deal has been a clear beneficiary of buoyant global bond markets. Expectations of gradually rising...

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