Indian metals and mining company Vedanta Resources completed an upsized debut international bond deal in New York last Friday, raising $500 million from a five-year offering via Barclays and Deutsche Bank. Pricing of the deal was aggressive and shows just how well the Asian high yield sector has performed since the summer when investor resistance to all forms of non-investment grade from the region was at its highest.
Backed by a Ba2BB issuer rating, the deal was upsized from $300 million and priced at 99.739% on a coupon of 6.625% to yield 6.68%. This represents a spread of 316.5bp over Treasuries or 275bp over mid-swaps. Fees were 45bp and ABN...
