High yield not shut, say bankers, as bridged deals wait for stability

By Stefanie Linhardt
27 Jun 2013

The European high yield market is not shut, bankers were confident this week, as the last few days brought some market stabilisation. Two banks plan to start premarketing bonds as early as Monday, after the Markit iTraxx Crossover tightened 56bp since the start of the week.

The class ‘B’ bond for the UK’s Automobile Association, sold as part of a whole business securitization on Tuesday (see page 22), showed investors were willing to put a price on deals. 

“Corrections are good and it feels like the market is trying to stabilise,” said a high ...

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