New supply, extreme valuations and late cycle dynamics


Our latest Spotlight on high yield focuses on recent new high yield bond offerings and what they reveal about European high yield valuations.

  • Latest new issue pricing highlights the difference in valuations between Euro and US high yield markets
  • Several European issuers are trading at near-distressed levels having failed to achieve elevated expectations of company performance
  • Idiosyncratic risk is rising across all sectors of the market, emphasising the importance of selectivity

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