About $2 billion in Qualtrics bonds, JPMorgan Chase considering about 15% discount

JPMorgan Chase is leading a bank group weighing the sale of roughly $2 billion in high-yield bonds tied to the Qualtrics buyout, with early terms discussed at about 85 cents on the dollar and a coupon above 8%, Bloomberg reported. The $2 billion figure is the face value of the bonds under review, not the discount; at 85 cents, the sale would raise about $1.7 billion and imply a $300 million discount, though terms are not final. The deal matters as a test of investor appetite for leveraged buyout debt after a long stretch of muted high-yield issuance. What to watch next is whether the banks finalize the size, price and coupon, and whether the discount and yield clear the market without further concessions.