The first high yield issuers of 2012 hit the US market

Yesterday was the busiest day for US high yield issuance since the start of the year, with three new deals coming to market, after only a handful of issues in the sector so far this month.

Clearwire, rated Caa2 by Moody’s, priced at par $300 million in bonds maturing in December 2016 with a coupon of 14.75%. Prestige brands, which carries a B1 Moody’s rating, also priced a bond issue at par, raising $250 million in eight year notes with a coupon of 8.125%.

Meanwhile, Caa1-rated Westmoreland Coal's  $125 million six year notes, carrying a coupon of 10.75%, priced at 94.49 to yield some 10.9% over treasuries.