Record-breaker

high yield

In 2004, European companies issued the equivalent of $27.1 billion of new high-yield bonds in 101 separate issues. That smashed the previous record of $19 billion of European high-yield bonds issued in 2003 and was more than five times the $5.3 billion issued in 2002.

And no wonder. While the 13.82% return in 2004 on an index of European high-yield bonds seemed modest in comparison with the scorching 30.89% return achieved in 2003, European high-yield bonds continued to be one of the best