Record numbers of speculative grade bonds have exceeded the limits of the European Central Bank's leveraged lending guidelines, research from SEB showed this week.
Leverage in the European primary market for high yield bonds has increased to 5.4 times this year, when measured as pro-forma debt to earnings before interest, taxes, depreciation and amortisation (Ebitda). In a data report released this week, SEB said this was as high as in 2007, while
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