While demand for retail high yield issues is likely to be
strong, there are still a lot of legal and reputational risks,
according to a Citi in-house counsel.
Germanys Bond M market and the London Stock
Exchanges order book for retail bonds (ORB) allow for the
sale of bonds, including high yield bonds, directly to retail
investors with no covenants. The product provides an attractive
alternative to low yielding bank deposits and volatile equity
markets for retail investors.
Tim Odell, director and deputy general counsel, banking and
capital markets origination...