Last year was the worst for high-yield markets since the crisis of the early 1990s. Default rates increased, issuance slowed down considerably, trading spreads widened out, and mutual funds saw a near continuous outflow of funds. Many issuers had to resort to more expensive forms of debt, whether short-term commercial paper or mezzanine loans, or had to risk the debt markets and pay higher premiums. So any deal that got done last year could be considered a success.
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