YTL Power CB: turning investors on or off?

Malaysian IPP returns to the CB market for the first time since June 2001.

YTL Power priced a $250 million equity-linked deal late on Wednesday April 27 to raise funds for overseas acquisitions. The UBS-led transaction drew a mixed response, with some bankers suggesting the lead had not only lost all its fees, but also ended up with half the offering on its books.

The deal has undoubtedly come during a difficult time for the equity-linked sector, with volatility levels remaining low, credit markets weak and CB funds crushed by losses in the US where credit spreads have blown out. At the same time, the deal still had aggressive terms even after the lead decided to price it below the level at which it...

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