European Chart of the Week: 27th August 2019
The single-B share of European high yield bond issuance has climbed steadily in each quarter this year and now stands at 55% so far in 3Q19, a similar level to that seen in 2018. Following broader market volatility in the latter part of 2018, issuance in 1Q19 was dominated by higher quality BB credits, with little in the way of B issuance. The single-B share picked up in 2Q19 to 38% as the market found its footing and has increased further this quarter.
Though high yield bond volume was strong in July, it has slowed in August, with issuance at only EUR 1.4bn, impacted by the summer holiday season. On a year-to-date basis, issuance stands at EUR 50bn, down from EUR 59bn in the same period last year.
-Colm (CJ) Doherty colm.doherty@acuris.com For access to our comprehensive news, analysis and data on the global loan and bond markets, please subscribe to Debtwire Par.
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 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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