Flood of junk supply swamps demand
by Oliver Holtaway High-yield issuers could be hit by a dip in investor enthusiasm for high-yield debt
The high-yield market faces a painful mismatch as the summer’s supply flood runs up against falling investor demand. Around $4 billion came to the market each week in July, with supply only starting to taper off in the mid-August vacation season.
Formerly distressed names issuing large deals have made up the bulk of the new supply. Dex Media West, Dynegy, and Case New Holland have each
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