Lear prepares to test European high yield market

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 &quotin the 8% area&quot. They added that the US book closed on Wednesday night and that they were finalising European orders on Thursday morning.

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