If you believe the hype, 1998 is the breakthrough year for high-yield corporate debt in Europe. Already by the end of February more deals had been done than in the whole of 1997, a reward for the banks that have been dabbling in this market since the early 1990s. Changes in bank lending, investor flight from Asia and the onset of Emu are driving the market forward, say its promoters.
"The key to the development of any market is momentum," says Robin Doumar, co-head of European leveraged finance at Goldman Sachs. "We are reaching critical mass in the high-yield market right now, it's a very exciting time."
High-yield bond issues this year have included a Dm300 million ($164 million) issue in February from Fresenius Medical Care, the world's largest producer of dialysis products, and a £180 million ($269 million) issue from IPC magazines in March. These were swiftly followed...
You must be a trialist or subscriber to view this content
Please Subscribe or take a Free Trial below.
Already a subscriber? Log in here.
Subscribe online today
- Euromoney magazine in print
- Unlimited access to Euromoney.com
- Over a decade of archived content
- All the latest industry news, analysis and commentary
- Access to all our survey and award results
- More than 30 specialist supplements a year
- Personalised email news feeds
Subscribe
Free 48 hour access
- Online access to Euromoney.com
- Comment and in-depth analysis of the international capital markets
- The best of our editorial comment by email
- Complimentary digital magazine sample
Start Trial
Questions about your subscription status?
Email us or call: +44 (0) 20 7779 8888