Puma Energy fights to find market opening HIGH-YIELD Market volatility adds to difficulties for high-yield sale

摘要

PUMA ENERGY has engaged with bond investors over a deal to repay a term loan falling due in May, having seen its yields tumble from precipitous heights earlier in the year. The company, which is the fuel retail arm of global commodities trader Trafigura (which sold US$400m of five-year bonds last week), has spoken to more than 120 investors ahead of a new deal. Feedback is centring on the mid-8s for the proposed US dollar five-year non-call two notes. Meetings finished on Wednesday, although the deal, seen by some as a difficult sell, had not appeared by the end of last week. That wasn't a surprise given how sentiment more generally has turned as doubts about the global recovery grow.