As we’ve stated earlier this year, we think the European high yield market is presenting us with some very interesting opportunities. As of 6th October, one of the high yield indices that we track had an average yield to maturity…
Tag Archives: European High Yield Market
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European High Yield – Crossing the Value Rubicon
- Topics
- Europe, high yield
Posted October 10th, 2011
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A guided tour of the European High Yield market
- Topics
- Europe, high yield
Posted September 8th, 2011
As my esteemed colleague Stefan pointed out earlier this year, we are beginning to see some attractive value emerging in the European high yield market. I thought it would be worth giving a quick update on what is being priced…
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Sell off in high yield markets provides a buying opportunity
- Topics
- high yield
Posted August 16th, 2011
The price action in the high yield market has been brutal over the last few weeks. A very respectable year-to-date return of 3.8% as at end of June currently stands at -1.3% (according to the Merrill Lynch European Currency HY…
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UK Retailers – looking for bargains during the summer sales
- Topics
- high yield, inflation
Posted July 11th, 2011
One section of the European high yield market that has materially under-performed this year is the UK retailer and food producer complex. The rationale is fairly easy to explain: these companies are being squeezed by cost input inflation on one…
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LBO’s and IPO’s: have European equity investors woken up?
- Topics
- Europe, high yield
Posted February 17th, 2010
Back in January at our Annual Investment Forum I focussed on the changing face of the European Leveraged Finance markets – those companies financed with significant levels of debt. My belief is that the current, somewhat forced reinvention, will ultimately…
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Corporate financing woes spell more trouble for banks
- Topics
- banking, lending rates
Posted March 28th, 2008
We’re heading into the ninth month of the credit crunch, and there still hasn’t been any issuance in the European high yield market. Investment grade companies are also having serious problems getting anything done in Europe, and any brief rally…
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One month ago, I wrote a piece explaining that January has historically been a month of strong returns in the European and US high yield markets – see here. (At this point I’d like to add that I was pointing…
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As many of you will be aware we have been concerned about the high yield market for a while now. Historically tight spreads do not, we believe, adequately reward investors for the risks that they are being asked to take…
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