| High-yield deals expected in the European market in first half of 1999 | ||||
| Issuer | Country | Sector | Amount | Lead manager |
| CompleTel | France | Telecoms | $300 million | Salomon Smith Barney |
| Willis Corroon | UK | Insurance | $550 million | Chase Manhattan |
| Coral | UK | Betting | £250 million | Lehman Bros |
| Cable Europa | Spain | Telecoms | – | Salomon Smith Barney |
| Jazztel | Spain | Telecoms | $150-$200 million | Merrill Lynch |
| Leica Geosystems | Germany | Optical equipment | Dm180 million | Merrill Lynch |
| Virgin | UK | Media | £200 million | – |
| Kappa | Netherlands | Packaging | – | Barclays Capital |
| Source: Lead managers | ||||
It was a cruel blow. Although almost all capital markets were hit in the aftermath of the Russian crisis, the European high-yield debt market was struck down in its infancy. Twelve months ago excitement about the take-off of the corporate debt market in Europe was reaching fever pitch, as banks hurriedly imported credit analysts and high-yield originators from the US and set about ridding the asset class of its junk-bond stigma.
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