Junk-bond investor unease resurfaces as another debt deal is pulled
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New York
A MINING company pulled a junk-bond deal on Friday in the latest sign that investors are losing their appetite for riskier corporate debt.
Hecla Mining Co pulled a bond sale following the biggest week of outflows from high-yield bond funds since early May and after at least three companies scrapped plans for junk deals the previous week. The gold and silver miner was expected to finalise selling US$500 million of senior notes along with a tender offer for its 6.875 per cent securities on Friday, but withdrew the deal as "terms and conditions were not sufficiently attractive", Hecla said in a statement.
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