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European share of high yield bond issuance tumbles

European Chart of the Week: 21 March 2019


The European share of combined US/Europe high yield bond issuance has fallen sharply in 1Q19 to date, following a sluggish start to the year. So far this quarter, the European share has tumbled to 16%, compared to roughly 34% in each of the prior three years.

Despite 2019’s slow start, European high yield bond volume is showing some improvement this month, with issuance at EUR 3.5bn (USD 4bn) through March 20, versus figures of EUR 1.4bn (USD 1.6bn) and EUR 3bn (USD 3.4bn) in January and February, respectively.

On the US side, issuance is at USD 14.2bn month-to-date, taking 2019 volume to USD 48.1bn. Helping to buoy volume in the US market are inflows into high yield bond funds, plus the Federal Reserve’s shift to a more dovish policy. Inflows into US high yield bond funds currently stand at USD 9.5bn year-to-date, according to Lipper.

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Colm (C.J.) Doherty Global Head of Primary Market Analysis Debtwire

Colm Doherty is Debtwire’s Global Head of Primary Market Analysis. He is responsible for leading the production of primary market analysis and reports focused on the leveraged loan and high yield bond markets. Prior to joining Debtwire, Colm was Director of Analysis at Thomson Reuters LPC covering leveraged loans, CLOs and high yield bonds.

Colm has a B.A. in Economics & Legal Science from National University of Ireland Galway and an MSc. in Accounting & Finance from Ulster University.

Colm (C.J.) Doherty Global Head of Primary Market Analysis Debtwire

Colm Doherty is Debtwire’s Global Head of Primary Market Analysis. He is responsible for leading the production of primary market analysis and reports focused on the leveraged loan and high yield bond markets. Prior to joining Debtwire, Colm was Director of Analysis at Thomson Reuters LPC covering leveraged loans, CLOs and high yield bonds.

Colm has a B.A. in Economics & Legal Science from National University of Ireland Galway and an MSc. in Accounting & Finance from Ulster University.

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