Hexaware Technologies, a listed Indian IT products and services company, drew strong demand for a debut $300 million bond on Thursday, offering hope for the beleaguered Indian high-yield sector.
The Ba3BB-BB- rated deal, issued in the name of HT Global IT Solutions, attracted a $1.9 billion peak order book that held firm even after price guidance was revised for a second time during London trading hours.
A 50bp tightening from initial guidance of 7.625% to final guidance of 7.125% following revised guidance of 7.325% also represents the most aggressive narrowing for an Asian high yield bond this year.
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