AFTER THE SHOCKING performance of the European high-yield market between 2000 and 2002, fund managers breathed a sigh of relief when positive gains began to emerge in 2003. Thirty per cent returns across the board last year signalled to many that it was more than a brief upward swing. Fear of volatility began to subside and a broader range of issuers and investors started to enter the market.
In March alone, two records were set. UK cable company NTL issued a £375 million ($666 million) bond, the largest high-yield offering ever in sterling.
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