Corporate High-Yield Bond of the Year: Tecpetrol

Corporate High-Yield Bond of the Year: Tecpetrol

It seemed to all come together in late 2017 for this year’s winner. In December, its bond offering benefited from strong market momentum from recent mid-term elections in its home country and a one-notch international credit rating upgrade for the sovereign from both S&P and Moody’s.

The payoff: a $500 million offering of unsecured notes. Initial price thoughts averaged around 5%. Subsequent price guidance was slightly higher. But the transaction launched at 4.875%, supported by strong demand. With offers totaling $2.6 billion, it was more than five times oversubscribed, with much of the demand coming from US investors.

This year’s winner is Tecpetrol.


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