Dash for Trash Is Hottest Trade in Europe’s Junk Bond Market

Fresh from a grueling restructuring, French IT firm Atos SE’s bonds are among the surprise winners in Europe’s junk debt market this year, part of a trend investors are dubbing “the dash for trash.”

Three of its notes issued as part of its overhaul have been some of the best performers in European high-yield this year, including two which sit in the lowest bracket of junk ratings. Other low-rated junk bonds issued by troubled companies, including Altice France SA and car parts supplier Standard Profil Automotive GmbH, have also done well.