Junk dump

high-yield market

high-2-gif

Illustration: David Simond

After the best year in its brief history in 2003, and with fundamentals continuing to improve in 2004, the European high-yield market abruptly nose-dived in May, although it has since recovered much of the lost ground. Long-only investors blamed newly arrived hedge funds for the volatility. But were they really to blame?

The European high-yield market had been enjoying the longest bull run in its short history. Last year saw returns of around 30%, and €16.3 billion in ne

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: