The Raw Deal

Buyers’ verdict

With fresh high-yield paper more in demand than ever, sub-investment grade corporates have been frequently tempted to up the deal size whenever their €150 million dividend issue is hit by €4 billion of orders. But few have had the tactical nous demonstrated last month by steel company Corus.

Corus has been keen to refinance its 2006 bonds for a while. With the help of Credit Suisse First Boston, it had tried to bring a refinancing deal earlier in the year, but this foundered

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