Consol Glass, the South African glassmaker bought by local buyout group Brait Private Equity, is close to selling €433m ($554m) of "junk" or high-yield bonds as demand for riskier securities shows no sign of weakening in the face of increased market volatility.

The sale of seven-year senior secured bonds is expected to be completed today, with bankers working on the deal saying the order book is heavily oversubscribed at more than €2.5bn.