Keywords: high yield issuances, federal reserve, quantitative easing program
The first half of 2013 witnessed European high yield issuances
at a record-breaking pace, which slowed down in mid-June as a
result of market disruptions and a repricing caused by statements
by U.S. Federal Reserve Chairman Ben Bernanke, hinting that the
Federal Reserve could begin scaling down its $85 billion per month
quantitative easing program much sooner than expected.
However, high yield bond yields continue to remain low by historical standards and most market observers appear to expect European high yield issuances to continue at a solid pace after the summer break in September, possibly with terms that may veer more towards investors rather than issuers.
Please click on the links to view a PDF copy of the 3rd Edition of our High Yield Bonds – An Issuer's Guide or to request a hard copy. The Guide is primarily intended for (first-time) issuers of high yield bonds, but we hope that other market participants will also find it helpful.
Bernd Bohr is a partner in the Corporate & Securities practice and the Banking & Finance practice of the London/New York office.
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