PT Chandra pulls a high yield cracker

Indonesia's largest petrochemical company demonstrates just how far high yield spreads have compressed.

PT Chandra Asri Petrochemical returned to the international bond markets for the first time in seven years on Tuesday with a $300 million deal, which underlined just how much high yield spreads have compressed in recent years.

When the group last came to market in October 2010, its five-year deal carried a 12.875% coupon on a B2B rating.

This time round, it has more than halved that cost to 5.1%, although there is a structural difference between the old and new deal since the latest offering has been issued in its own name rather than through a...

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