High-yield issuance hits new record

European high-yield issuance last year reached a record high of €42 billion, exceeding 2005’s volume by 61%, according to Fitch Ratings.

Debt-funded acquisitions, liquidity in the credit market and low default rates were responsible for the rise. The previous annual record for high-yield issuance was 2004's figure of €29.3 billion.

“Investors demonstrated flexibility in relation to covenant and call protection, enabling the product to compete more effectively with mezzanine and second-lien

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