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The European high yield secondary market faced sell-offs in names such as CEDC and Norske Skog on Thursday, after companies’ quarterly reports disappointed. A general crash in equity and credit market sentiment only added to the persistent volatility linked to euro zone debt worries and macroeconomic concerns.
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European high yield issuers could face a tough second half of the year if investors remain afraid about euro zone sovereign debt and economic growth. Poor secondary trading could affect borrowers’ ability to access the capital market, as investors will ask for higher new issue premiums.
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Barclays Capital’s head of European leveraged syndicate, Michael Moravec, has been promoted to co-head of Emea leveraged finance, alongside Peder Oien.
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European high yield investors sought comfort in higher quality bonds in July’s bumpy high yield market, according to Barclays Capital research.
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The average credit quality of European leveraged companies has improved since September 2010, according to Fitch’s portfolio of 291 credit opinions. This was a result of better economic conditions and companies’ cost-cutting measures, the agency said in its European Leveraged Credit H1 2011 Review on Tuesday.