Liquidity in European high yield is hostage to the US

By Victor Jimenez
22 Jan 2016

European high yield trading depends closely on the US secondary market, where liquidity has declined as risk-aversion has deepened in recent months.

Traded volumes in the US secondary high yield bond market were in 2015 10% lower than than 2010. Notes changing hands in 2015 were slightly fewer than the total amount of outstanding notes in the market. Contrary to the trading trend, the total market size has expanded without ...

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