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ARTICLE · 16 SEPTEMBER 2013

High Yield Bonds - An Issuer's Guide

Mayer Brown
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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.

GlobalFinance and Banking
Bernd Bohr
Bernd Bohr
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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.

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