The window for Asia’s high-yield corporate borrowers to issue dollar bonds is fast vanishing, with Global AT Electronics being the latest to postpone its $625 million high-yield bond. The year is drawing to a close and investor appetite for speculative-grade bonds has clearly waned.
The company was planning to issue a six year-bond callable after three years and had embarked on roadshows to Asia and the US. However, on Tuesday, when roadshows concluded, the leads told investors that the bond was postponed due to market conditions.
“The deal was targeting US high-yield investors,” said a source. “We have seen $1.4 billion worth of outflows in...
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