HY record year ahoy, but terms weaker
The European high yield bond market has suffered two years of falling primary issuance but a busy September will provide the impetus for a return to growth. However, there are also concerns about weakening investor protection.
Figures for annual corporate bond issuance in the high yield market vary from one source to another. But all point at a shrinking market since 2015.
In 2012, corporates sold €37bn of new euro bonds with speculative grade ratings, according to JP Morgan data. In 2014, the
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