Titan avoids the icebergs

Titan Petrochemicals successfully entered the international high yield market, pricing its inaugural bonds this morning Asian time, and yesterday in the US. The B1/B+ issue from the Ba3/BB- company was $400 million in size and sold at par with a coupon of 8.5%. The bonds have a seven-year tenor and no calls apart from a make whole call at T+100bp. There is also the standard equity claw back provision at 35%.