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