Investors slug it out to get a piece of Reynolds' $3.25B high-yield offering, priced at 5.75%. Some were left with little or no allocation despite the size of the deal being increased from an originally planned $1B. Most of the money will be used to repay debt, but some will be for general purposes, meaning the firm has increased leverage. "High yield is not really 'high yield' any longer," writes Sober Look.