The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.
“We had forecast a much bigger slowdown and gap between last year’s issuance and this year, but so far it’s not happening,” said the head of high yield at an investment bank in London.
The market has made a hesitant start to May. Issuance went from €2.4bn