Debt: High-yield leaps then stumbles

Debt: High-yield leaps then stumbles


High-yield credits surfaced earlier than usual this year and dominated issuance in the first weeks of 2013, taking advantage of an uptick in risk appetite. But by February, sentiment had started to turn amid a pick-up in US Treasury yields – and several transactions were shelved. In January, high-yield names in the Brazilian protein sector were well received. Brazilian meatpacker Marfrig was the first single-B credit to try its luck in the international bond market with a $600 million 2017 issue. It increased the size of the deal from an expected $300 to $500 million, after drawing $4 billion in demand. The bond was priced to yield 9.875%, well inside the 11% to 12% levels it was heard con

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