Equity exodus, M&A propel European HY to Eu30bn record
Ravenous investors pushed the European high yield bond market to an all-time high this week. A flight from equity, declining defaults and a growing willingness to finance acquisitions helped carry the year’s new issue volume towards an unprecedented Eu30bn.
A quartet of new sales included the years biggest M&A-related issue in the sector a whopping Eu1.7bn offering from Irish bottle maker Ardagh Glass.
The new deals overhauled the previous record, 2006s Eu29.1bn. Total volumes could now reach Eu35bn by the end of the year, Société Générale
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