High yield party sours as rates rise and funds flee

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.

  • By Stefanie Linhardt
  • 13 Jun 2013
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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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,084 31 17.18
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 128,786.28 373 11.27%
2 Bank of America Merrill Lynch 100,918.70 292 8.83%
3 JPMorgan 100,646.92 291 8.81%
4 Wells Fargo Securities 91,306.23 262 7.99%
5 Credit Suisse 75,502.58 201 6.61%