European high yield



European high yield has performed exceptionally well in the first few months of 2006. In spread terms, the euro high-yield index (excluding GM and Ford) has tightened some 70bp and the year-to-date excess return over government bonds is close to 5.5%. The key reasons for this performance have been the continued low default rates and the rise in event risk for investment-grade credits, which has led to further demand for the less event risk-sensitive high-yield market. Indeed, the past couple

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