Titan avoids the icebergs

Another first time issuer sails into the global bond markets and finds the waters calm.

Titan Petrochemicals successfully entered the international high yield market, pricing its inaugural bonds this morning Asian time, and yesterday in the US. The B1B issue from the Ba3BB- company was $400 million in size and sold at par with a coupon of 8.5%. The bonds have a seven-year tenor and no calls apart from a make whole call at T100bp. There is also the standard equity claw back provision at 35%.

The company and its sole book runner, Morgan Stanley, had been on a road show to Hong Kong, Singapore, London and then three days in the US, finishing off in Los Angeles. The marketing...

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