There’s a duality permeating the high yield bond space this week that’s making it hard for market participants to navigate the turbulence. 

On one hand, Venture Global LNG priced the largest bond package of the year so far in a sign that demand is still out there. The $4bn two-part deal will be used to fund the liquified natural gas producer’s ambitious build-out plan of new facilities along the Gulf Coast. 

But on the other hand, Venture was the only new bond deal to launch this week and pricing was also a bit shaky with yields moving as much as 75bps wide of the initial low-end estimates.