During the first 18 months of the financial crisis, investors in Europe spurned risk, causing the region's high-yield bond market to close. Now, investors' risk appetite has returned, somewhat to the surprise of some bankers and other market insiders. The market has taken up more than €6 billion in euro-denominated high-yield bonds this year. "European high-yield has had a number of false dawns, but the expectation is that this time it will be more sustainable," said Dagmar Kent Kershaw of Intermediate Capital Group. "It is fantastic news for a high-yield market which has been starved of product."
Published in Brief: