How peripheral markets can join Europe’s HY rush

Author: Danielle Myles | Published: 27 Sep 2012

Corporates in the most-affected eurozone countries have been sidelined in Europe’s resilient high-yield market. However, this may be set to change

Southern European issuers are considering new ways to structure around their periphery country risk – including through local retail offerings – to shore up investor comfort.

This year’s European high-yield volumes have reached historic highs, according to a Moody’s Analytics report released last week, but its breadth of issuers has not.

“There is a bifurcation of the market right now,” said Shearman & Sterling partner Jacques McChesney.

“A seasoned issuer, with a well-known name, and in a relatively trouble-free sector can sell almost anything,” he said....