Titan Petrochemicals successfully entered the international high yield market, pricing its inaugural bonds this morning Asian time, and yesterday in the US. The B1B issue from the Ba3BB- company was $400 million in size and sold at par with a coupon of 8.5%. The bonds have a seven-year tenor and no calls apart from a make whole call at T100bp. There is also the standard equity claw back provision at 35%.
The company and its sole book runner, Morgan Stanley, had been on a road show to Hong Kong, Singapore, London and then three days in the US, finishing off in Los Angeles. The marketing...
