US high yield blazes to busiest first quarter ever
The US high yield market has roared to its busiest start to the year ever. Issuance in the first quarter of 2012 totalled $98.8bn, beating 2011’s record of $81.0bn, according to Royal Bank of Scotland credit research.
The lively activity has surprised many. At the end of last year, US high yield bankers and investors found it hard to predict how big volumes would be this quarter, as markets were still much more volatile than today.
In a high volatility environment such as what we
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