High yield

Secondary market liquidity

JPMorgan triumphed in both sectors of the high-yield secondary market liquidity survey for euro-denominated deals, snatching back the 'own bonds' title from Barclays Capital to add to its retained title for 'all bonds'.

The challenging credit backdrop of recent weeks, sparked by the equities sell-off and rising delinquencies in the US subprime mortgage market, acted as a spur to trading in the high-yield market as investors opted to add risk to their portfolios at cheaper prices.

"The high-yield

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