Europe’s high yield market, which has enjoyed one of its longest unbroken runs of favourable market conditions since last September, has hit a nasty rough patch. After all the triumph over unprecedentedly low coupons and a record first half of issuance, the music has not quite stopped — but it has been turned right down.
The pace of fund outflows continues to increase, particularly in the US, where almost $5bn fled the asset class last week. And bankers are becoming increasingly frustrated at the behaviour of investors, who are content to hunt secondary market opportunities rather than take the gamble of buying primary
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