The US high-yield market has been in retreat for the past 18 months, some would say even longer, since the near-meltdown in the credit markets after Russia defaulted on its domestic debt in August 1998. Issuance so far this year is 49% down on 1999 levels, and it’s been one of the longest periods of a Xat to negative performance in the asset class since the US market’s revival in the early 1990s.
The only issuers that seem able to come to market are telecoms companies – in fact, nearly 70% of this year’s deals are from that single sector.
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