How to revive European HY: let’s think small to grow bigger
European high yield bond issuance is being squashed by central banks and CLOs, with primary supply heavily concentrated on the double-B names that need the market least. Keeping the market healthy means finding a new purpose.
Last year, total high yield bond issuance in European currencies dropped by more than 25% to less than €80bn. High yield bankers point at €50bn of annual issuance as the line the market cannot afford to fall through.Moreover, volume so far ...
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