The Raw Deal


It was a sluggish news month for Raw Deal in December: as Credit went to press during the final weeks of 2004, the primary markets were in the process of shutting down for the year.

But sterling investors were offered a rare Christmas treat right before the break.

Waste Recycling, the UK, er, waste recycling company, brought to market that rare bird – the lesser-spotted sterling-denominated high-yield bond. The sterling high-yield is a strange part of the market – there are not man

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