The sudden collapse of Phones 4U in September last year had a chilling effect on the European high-yield market, but runaway demand for a bond issue from noodle restaurant wagamama shows that buyers are now returning to riskier credits. An unprecedented wave of sterling high-yield supply hit the market in June and July last year, with £3.4bn of new issues across 15 tranches. But volatility slowed activity to a trickle when the market reopened following the August summer break.
展开▼
