Deals of the year 2009: High-yield bonds make mark as M&A tool

Global Awards
High grade	High-yield
Equity	M&A
Structured credit	Restructuring
Regional Awards
Asia	Latin America
CEE	Middle East

European high-yield became the comeback kid of the Eurobond market in 2009 after an 18-month hibernation prompted by the financial crisis. After its return it performed a vital role in sub-investment-grade financing as the leveraged loan market, once the pillar of the high-yield market, was no longer the funding vehicle of choice, particularly in acquisition financing. The financing of Liberty Global’s November acquisition of Germany-based cable operator Unitymedia from a private equity group including BC Partners and Apollo for $5.2