Banks rush to cash in on European high yield corporates

With credit analysts predicting that overall levels of investment-grade corporate issuance in Europe will end the year even lower than they had previously expected, banks are turning their attention to the more lucrative and active European high-yield market.

Deutsche Bank and CSFB have between them cleaned up almost 40% of market share for European and international high-yield deals this year to date, according to Dealogic, but other banks are trying to take a bigger slice of the pie.