Polishing up junk for Europe

The quest for Emu market share

High-yield bonds are set to be an important feature of the run-up to European economic and monetary union (Emu). Credit Suisse First Boston has a mandate for one ­ of up to £120 million ($192 million) which will make it the largest high-yield sterling deal yet ­ and is bidding on another. Salomon Brothers is working on a second deal for up to Dm200 million ($120 million), to finance buyout firm Doughty Hanson’s purchase of a controlling stake in Impress Metal Packaging, a new joint-venture company resulting from the merger of the metal packaging divisions of Germany’s Schmalbach-Lubeca and France’s Pechiney.