Corporate debt: Great expectations — high yield aims for seventh year of plenty

Whether or not you believe banks are retreating from lending to Europe’s mid-sized and riskier companies, one thing is undeniable: the high yield bond market is on a multi-year surge of growth. It is an inherently cyclical product, but most involved do not think the four month slowdown at the end of 2014 was the turn of a cycle. Instead, they predict more growth in 2015. Victor Jimenez reports.