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CREDIT DAYBOOK AMERICAS: Latam Airlines Bond; Spreads Pass Peak

Sept. 30, 2022, 11:30 AM

Banks leading the bankruptcy exit financing for Latam Airlines are sweetening the price on $1.5 billion of high-yield bonds amid tepid investor demand. Investment-grade spreads hit the widest since June 2020, signaling further caution in the market.

  • The spread on the Markit CDX North American Investment Grade Index, which declines as credit risk drops, tightened 0.30 basis points to 107.0 as of 7:20 a.m. New York time
  • JPMorgan is proposing an all-in yield in the range of 14% to 15% on the Latam Airlines’ junk bond from an initial price talk of around 13%, according to people familiar with ...