How to revive European HY: let’s think small to grow bigger

European Union flags 230x150
By Victor Jimenez
07 Mar 2017

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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