European high yield waits for its ship to come in after IG flood
Investment grade companies have rushed back to the bond market, while syndicate bankers in riskier and more complex asset classes are wondering when their turns will come. Yum Brands reopened US high yield on Monday, leaving European high yield desks hoping a bold issuer would try this side of the Atlantic. Euro buyers were teased a piece of Carnival's rescue package, but lost out to a strong dollar market.
The cruise line company (see separate story) originally sought $3bn of three year money, with a €300m euro tranche, but this was dropped as books built on the deal through Wednesday.But even if the rescue trade had come to market, it still leaves European high yield missing out ...
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