There have been many false dawns for the European high-yield bond market. This could be the year when it finally shows its true potential. After lying dormant for almost two years, the market has seen a flurry of activity, with a record €17.3 billion of issuance in 2009 to date. Almost half of that has occurred in the past two months. There are several factors at play here.
The mass of liquidity that central banks and governments have pumped into the financial system has helped underpin a rally in credit spreads that has seen European high-yield reap eye-watering returns in excess of 50%.
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