Bloomberg.com, 5 Dec 2008, Aaron Pan
Dec. 5 (Bloomberg) -- Asian companies are stepping up the pace of debt repurchases as prices fall to record lows.
Galaxy Entertainment Group Ltd., Olam International Ltd. and Flextronics International Ltd. lead borrowers that bought back $61.7 billion of debt since June, up from $39.6 billion in the same period a year earlier, data compiled by Bloomberg show. The price of high-yield, high-risk Asian corporate dollar-denominated bonds plunged more than 45 percent this year to 52.9 cents on the dollar, pushing yields to a record 28.1 percentage points above benchmark rates yesterday, Merrill Lynch & Co. indexes show.
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