Despite expectations that the European market would become increasingly independent from the US market, the European high-yield sector is still intimately bound to the US.
The close ties became more evident over the summer, as the knock-on effects of US interest-rate volatility wreaked havoc on European market sentiment. This is predominantly because European deals still heavily rely on US buyers.
Also the banks that lead-manage the deals in the European high-yield market are predominantly American.
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