European high-yield issuance last year reached a record high of EUR42 billion, exceeding 2005's volume by 61%, according to Fitch Ratings. Debt-funded acquisitions, liquidity in the credit market and low default rates were responsible for the rise. The previous annual record for high-yield issuance was 2004's figure of EUR29.3 billion.
"Investors demonstrated flexibility in relation to covenant and call protection, enabling the product to compete more effectively with mezzanine and second-lie
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