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After a bleak month for the European high yield new issue market with only three new deals and a tap, the market is looking ahead to September – although there could be room for some opportunistic drive-by deals in August, according to bankers.
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Bonds of Praktiker, the unrated German DIY retailer, have plunged since the company announced weaker than expected second quarter results on Wednesday, July 27.
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Low volumes in the European high yield secondary market, coupled with sovereign debt worries in the US and the eurozone periphery, have left the market volatile and prone to headline-related sell-offs.
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There is still talk of further European high yield issuance in the coming week, but by and large participants say activity is shutting down for the August summer break. When investors return in September, they may be bombarded with deals — one leveraged finance banker said 30 companies had mandates outstanding for high yield issues in Europe.
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HSBC has appointed Marwan Dagher as head of EMEA institutional sales, a newly created role. He moves from his previous role as co-head of credit sales for EMEA, which he shared with Anthony Normand.
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Three new issues and one tap — that is as much as a European high yield market perturbed by doom-laden headlines was able to price in July, a month bankers had expected to be packed with new issues.