HeidelbergCement’s High-Yield Bonds Soar!

By Caroline Hyde

Oct. 15 (Bloomberg) -- HeidelbergCement AG’s 2.5 billion euros ($3.7 billion) of new bonds surged as investors rushed to take part in the year’s biggest sale of junk bonds in the European currency.

The German cement maker’s 8.5 percent 10-year notes jumped to 103.4 cents on the euro from yesterday’s issue price of 96.7 cents, according to Royal Bank of Scotland Group Plc prices on Bloomberg. The securities’ extra yield, or spread, over German government debt narrowed 19 percent to 4.7 percentage points. Bond yields move inversely to prices.

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