Titan blow to Asia's high yield market

Titan Petrochemicals withdraws bond as Continental Chemical re-considers its options.

Joint lead managers Goldman Sachs and JPMorgan withdrew a $250 million to $300 million high yield deal for Malaysia's Titan Petrochemicals yesterday Tuesday after failing to find sufficient investor support around the 8.5% indicative pricing level.

News that the seven non call four deal was being postponed did not come as much of a surprise given it had failed to price on schedule towards the end of last week. However market participants believe its disappointing performance highlights a number of questions about the nature of the Asian high yield market and indeed, whether there even is one.

While many Asian credits are rated non-investment grade, few qualify as true high...

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