Junk dump

high-yield market


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

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