High-yield drought broken

The high-yield market sprang back to life last month with the launch of three deals, satisfying those investors who had been starved of supply of junk paper. Sanitec International, Britax Group and JohnsonDiversey all tapped the market within the space of a week.

“The market is in good shape,” says one high-yield investor at a UK high-yield fund, “but it is quite bifurcated, with the better-quality credits having tighter yields, in the 8.5%-9.75% range.”

Chris Garman, European high-yield

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