Delinking high yield from debt walls

Author: Danielle Myles | Published: 22 Jul 2015

European counsel are speculating over the source of high-yield dealflow this coming cycle. Opinion is divided, and the debate has revived the wall-of-debt concept.

Year-to-date issuance is at $76.3 billion, suggesting that 2015 could match last year’s record volumes of $156 billion. It’s a far cry from the $60 billion raised in 2010, the year European high-yield started to truly emerge.

Back then, people attributed its recent and potential growth...