Lear, the US automotive group, was set to price a €250m ($231m) bond on Thursday in the first test of European high yield since the market's latest sell-off.
Bankers at the two lead managers, Deutsche Bank and Salomon Smith Barney, said that the deal was likely to be priced "in the 8% area". They added that the US book closed on Wednesday night and that they were finalising European orders on Thursday morning.
