Rocky road ahead – proceed with caution

high yield


The recent history of European high-yield credit is a tale of superlatives. With a record year for issuance (€29 billion), default rates at an all-time low (2.2% according to Moody’s) and pricing so tight it has caused some analysts to question the very term ‘high yield’, 2004 confirmed the emergence of high yield as a viable asset class in Europe.

The new year has so far continued on the same tracks, with Rémy Cointreau’s e200 million bond issue in early January, priced at the

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