Euro high yield liquidity survey

The subprime liquidity crisis and the subsequent fall in risk appetite has hit the high-yield market particularly hard this polling period. The primary market has remained closed since July and secondary market spreads have steadily drifted wider.

The Fed rate cut looked to have stabilised the market but the short-lived revival has not been enough to stop many high-yield credits widening to semi-distressed levels by November 23, says one high-yield trader. "Liquidity has become increasingly thin

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