Q: As a market, what stage do you think the European high yield has reached now?
A: At Putnam we view this market as a broader universe than some, but we are talking about a market now around EUR150 billion in size. This makes it about one-sixth of the size of the US high-yield market, which is a great development on the one-tenth proportion of a few years ago, so it is still growing very fast.
We also look at it as a percentage of the combined aggregate GDP of Europe. As a debt-raising capita