Bondholders lose their grip

High-yield structures


In recent times advocates of bondholder interests would be forgiven for wanting to tear up their manifestos and crawl into a hole. The imbalance between supply and demand has left investor discipline in tatters: the need to pick up new paper at any cost has left investors buying lower-rated paper, with less covenant protection, and at more expensive prices. But with around €7 billion of high-yield paper coming to market in March and April, and in the wake of a spirited fightback over Invensys

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