Europe’s Junk Bonds Hit Longest Sales Drought in Over a Decade
- A new high yield bond hasn’t priced across Europe in 56 days
- Freeze extends to length not seen since sovereign debt crisis
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Junk bond sales across Europe are experiencing their longest drought in over 10 years, as the Russian invasion of Ukraine and the prospect of rising interest rates neuter risk appetite.
A new corporate high-yield bond hasn’t priced in Europe since Feb. 10. The last time the junk primary market remained shut for this long was in late 2011, when the continent was in the midst of a sovereign debt crisis, according to Bloomberg data.