High yield on hold as turmoil wrecks primary market hopes

The high yield new issue market is in tatters after a month of uninterrupted turmoil in both the primary and secondary markets. It should have been one of the busiest months of the year but most banks active in European leveraged finance have judged it anywhere from undesirable to impossible to launch high yield bond transactions, as they hunker down and wait for a return to more favourable conditions, writes Olivier Holmey.