BUSINESS

Greek corporate Titan Cement bonds sold at 3.50 percent

TAGS: Industry

European high-yield investors were swamped by eight transactions this week leading to concerns that less attention is being paid to covenants and credit fundamentals in the clamor for paper.

Primary high-yield issuance has ebbed and flowed this year, giving investors plenty of time to do their homework on new issues, but that changed this week as volumes reached over 3 billion euros, making it the busiest week for the market.

Greek corporate Titan Cement cleared a five-year deal at 3.50 percent, just one year after Greece’s standoff with creditors saw the company’s bonds spike to double-digit yields.

[Reuters]

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