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.
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