Investors buoy up US high-yield

Strong demand kept US high-yield new issues flowing fast through the usually quiet end-of-year period. But with the market open to issuers from all sectors with often untested track records, are buyers riding for a fall? Kathryn Tully reports.

THE END OF December is customarily a time when the primary markets are winding down in advance of the holidays. It’s when syndicate heads have a chance to get together for a pre-Christmas celebration and look forward to taking some time off work.

There was no such luxury for those working in the US high-yield market at the end of last year. The market tends to get quieter after Thanksgiving but this time the pace of new issues accelerated.

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