Sterling leads the way in high yield, for once

By Owen Sanderson
12 Nov 2020

Sterling supply in high yield and leveraged loans has proved a rare sight since the 2016 Brexit vote, with UK-based borrowers preferring to seek euro funding where possible. But this week saw four deals in the currency — a relative bonanza.

In 2015, the proportion of European high yield and leveraged loan supply in sterling exceeded 10%, but it has hovered between 4% and 8% since then, as a combination of Brexit fears, currency volatility and the rise of the deep euro-denominated CLO market made the single currency a ...

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