High-yield survival

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The next 18 months are critical to Europe’s high-yield market, with the potential for it to flourish or end in collapse, says Toby Nangle, high-yield portfolio manager at Baring Asset Management in London.

Nangle, though young at 26, is well positioned to judge. He has been investing in Europe’s high-yield market since its start in 1997.

“At the start of the market we saw all the investment banks hiring high-yield teams, analysts, traders and sales, who are clearly not earning their keep now,”

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