Even as issuance in the US high-yield market has picked up pace recently, bankers and investors say supply is likely to remain underwhelming over the coming weeks. A number of refinancing transactions has kept the new issue machine alive as the market recovers from its February wides, but the scarcity of acquisition-related transactions is expected to keep overall volumes down. "One reason supply has been somewhat underwhelming is that we haven't had a lot of M&A supply," said Randy Parrish, head of US high-yield at Voya Investment Management.
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