The high-yield market in Europe is up nearly 50% this year and shows no signs of slowing down. The top-10 bookrunners underwrote $70 billion of business in the year to March 31 2011 compared with $51 billion for the same period last year. In any market operating at this kind of pace tempers will inevitably start to fray. And they have.
Conditions in the leveraged finance market are described as “hyper, hyper competitive” by one banker.
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