End-of-Cycle Fears Loom Over High-Yield Market After Bumpy 2018
- Europe issuance totals 62 billion euros, down 36% on last year
- Benchmark bond index delivers year-to-date returns of -3.28%
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High-yield bankers and investors alike will be relieved to close the door on 2018 after returns in Europe swung into the red and a choosier buyer-base resulted in at least 18 new deals being pulled or postponed.
With the European market suffering bouts of volatility for much of 2018, speculative-grade issuance came in some 36 percent down on last year’s record tally of 96.2 billion euros-equivalent ($108 billion), according to data compiled by Bloomberg.