MMI debut heralds return of high-yield bond market

MMI International, a precision parts maker, made its debut on Friday with a $300 million high-yield bond, encouraging debt bankers to believe that the sub-investment grade market is open once again after months of inaction.

MMI, which was taken private in July 2007, is headquartered in Singapore and has more than 18 manufacturing facilities across China, Singapore, Thailand, Malaysia and the US. KKR owns 73% of the group and management owns the remaining 27%, making MMI one of the few sponsor-driven bond issuers in Asia.

The deal priced at a yield of 8% and pricing came at the tight end of the 8% to 8.25%...