Best Corporates: Fast forward

Best Corporates: Fast forward

Corporate & Sovereign Strategy Caribbean Jamaica

Jamaica-based Digicel knows how to take advantage of a bull market. Twice over the past year, the global telecoms operator has turned to dollar bond markets to bring down its cost of financing. And both times, it came away winning. In September, it sold a $1.5 billion eight-year non-call four bond, on which it offered investors an 8.25% yield. The Caa1/B- rated transaction traded up a point on the break. Digicel put the cash towards a buyback of around $1.2 billion worth of 2015 securities on which it paid coupons of 8.875% to 9.875%. The formula worked again in the first quarter this year. Rated B1/B, the borrower sold a $1 billion transaction at a 6% yield in February. The following mo

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