The European high-yield market coped with a tidal wave of supply as banks cleared an enormous backlog of junk-rated debt before activity grinds to an enforced halt in August. It was the busiest week of 2015 with €7.5bn-equivalent of new euro and sterling paper from 12 issuers, including Spain's cellnex split-rated trade. But while many were predicting a chaotic five days, with the potential for banks to book large losses on underwritten bridges, the new paper was absorbed without much fuss by an investor base looking to put cash to work.
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