Shift in balance of power

US High Yield


With higher idiosyncratic risk and the ever-present threat of leveraged buyouts, caution is currently the watchword for US high-yield investors. Accordingly, despite historically low interest rates, low default rates and tight credit spreads, high-yield issuers are seeing lower demand for their debt. Some issuers are being forced to downsize, restructure or even cancel their deals as conditions appear to be swinging in favour of the buyers.

Since the credit bull market took off in

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