European high-yield debt: the ties that bind
Europe’s high-yield bond market has had a roller-coaster ride this year. Hardly had it recovered from last year’s Russian crisis when jitters in the equity market and fears of rising US interest rates pushed volatilities to spectacular levels.
To add to these uncertainties, US Federal Reserve chairman Alan Greenspan has made moves – essentially through issuing cryptic statements of his intentions – to stop the markets from overheating. “Greenspan’s strategy is to continue to inject into the market some uncertainty about his own actions,” says John Wotowicz, European head of high yield at Morgan Stanley.
Access intelligence that drives action
To unlock this research, enter your email to log in or enquire about access
