Wotowicz says adieu to European HY

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One of the initiators of Europe’s high-yield bond market is moving back to the US, providing what some see as a further example of how banks are paring back resources in the sector. John Wotowicz, Morgan Stanley’s European head of high-yield capital markets, worked on Europe’s second ever high-yield deal, a DM175 million issue for Exide, a maker of car batteries, in 1997. It came only a week after Europe’s first ever non-dollar denominated high-yield deal – a DM157 million issue for bathroom

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