Cover Story: High-yield bonds: Balance of power

Cover Story: High-yield bonds: Balance of power

il exploration and production firm Pacific Rubiales may be a new name in the bond market, but it has quickly become a popular one — not least with US high-yield investors. When the Colombian-Canadian firm sold debt in November, its $1.3 billion six-year, non-call three bond offered at least 100 basis points more yield than similarly rated US firms Whiting Petroleum and Denbury Resources. And the double-B rated deal racked up some $4 billion in orders.Yet being a high-yield borrower is, these days, by no means a guarantee of popularity in the debt markets. And the line dividing Latin American high-yield deals that succeed and those that are pulled — across a range of countries and

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