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The European high yield bond market is on rocky ground, as fund outflows are reaching record highs and the Markit iTraxx Crossover index moved above 440bp intraday, before recovering to around 435bp.
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The European high yield primary market went through a dry spell this week, with only two smaller issues braving investor sentiment. Germany’s Maschinenfabrik Spaichingen and Austria’s Wienerberger were looking to raise Eu30m and Eu100m respectively, mainly in their home markets.
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Recovery expectations for senior secured high yield bonds are falling, according to Standard & Poor’s latest report on leveraged finance. The agency has attached a recovery rating of 4, the lowest it has ever assigned to senior secured bonds, to 57% of issuance so far this year, more than double the figure for 2010. In 2009, only 11% fell into this category.
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With market sentiment remaining sour and the clock ticking ahead of the summer break some issuers having to access the European high yield market in the near term will have to come in the next five weeks.