Signs of issuers stirring to high yield charms
The mystery of the European high yield paradox grew this week as investors began tucking into €4.5bn of new bonds amid all-time low yields. Yet they face a puzzlingly thin deal pipeline for the second half of the year. But dormant borrowers are starting to wake up to the joys of primary, said bankers and lawyers.
“We are reaching the point at which it looks wrong for a high yield corporate in Europe not to benefit from these great conditions in the market,” said one leveraged finance banker in London.
Those great conditions have manifested in average euro and sterling yields being 280bp
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