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New World Resources pulls high-yield bond

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Czech miner New World Resources (NWR) pulled a planned EUR 700 million high-yield bond after sovereign debt-fuelled market volatility hit pricing, and is set to wait before re-entering the market. NWR, which owns the country’s largest hard coal mines, launched the bond last week but said rising credit spreads had since impacted a broad base of issuers, including sub-investment grade companies, within central and eastern Europe.

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