TGI Scales Back Junk Issue, Despite Demand

TGI Scales Back Junk Issue, Despite Demand

Colombia

Colombia’s TGI raised $750m in 2017 dollar-denominated notes at par to yield 9.50% Wednesday, marking the first significant cross-border corporate bond in LatAm since July. The amount was $150m short of the planned $900m size, although demand for the bonds is heard to have reached $2bn. Also, a planned tranche of pesos, floated in the 12% area, was scrapped entirely. One investor who bought says the issuer chose to retool the BB rated offer to maintain a strong aftermarket bid and keep pricing i

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