The after-effects of Japan’s earthquake and tsunami dominated headlines last week, shaking investors’ confidence and spreading volatility through the market. Late in the week though, a window opened for two issuers Hyva Global and Development Bank of the Philippines to jump in and price US dollar bonds on Friday.
Netherlands-headquartered Hyva Global braved the market first with its $375 million high-yield bond. There was some uncertainty at first as to whether the deal would get done amid the choppy market conditions, but it closed successfully in the end and the bonds rallied in the secondary market.
The five-year non-call-three Reg-S144a bond offered a coupon of 8.625%...
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