The high yield market in Europe has stalled in recent years. Pessimists might say that it has never recovered from the dark days of 2000, when buyers and sellers effectively went on strike. Buyers were upset with the sell side’s tactics and financial sponsors became reluctant to get locked in to high-yield debt that featured significant call protection for investors. Such covenants can greatly increase the cost of refinancing.
Since then, sponsors in Europe have become even more reticent about using the high-yield market.
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