High-yield bites back



The outlook for European high yield seems rosy, says US fund manager Putnam Investments, which forecasts that the product will become a logical component of European investors’ global portfolios. But this view is seriously under threat as the thorny issue of structural subordination has left deep scars on the market, causing some investors to air their grievances.

In mid-December, a group of 12 junk bond funds took the bull by the horns and sent investment banks a letter, “a fairly bland one,

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: