Boom time

摘要

The high-yield bond market is on track for a strong second half, following a better start to 2014 than anyone expected in both volumes and returns, thanks to lower underlying rates, a compression in spreads and a rebound in M&A. Global high-yield volume hit US$264.7bn in the first half - the highest first six months on record and 10.6% up from the same period a year ago, according to Thomson Reuters data. This was a surprise to most of the market, which had been expecting supply to fall. "If you had asked me in December where I thought volumes would be mid-year, I would have said significantly lower," said Peter Toal, head of global leveraged finance syndicate at Barclays.