Issuer: EuroCredit CDO 1
Amount: €416.5 million
Type of issue: European high-yield collateralized debt obligation
Date: August 11, 1999
Bookrunner: Morgan Stanley Dean Witter
A sure sign that the European high-yield debt market is expanding and maturing is the appearance of wider and more sophisticated investment products. The increasingly diverse range of new issues and a more reliable and regular flow of deals have opened up the market, and are attracting new investors. To capitalize on this, in August, Morgan Stanley Dean Witter and UK mezzanine finance specialist Intermediate Capital Group (ICG) introduced high-yield collateralized debt obligations (CDOs) to Europe.
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