Thomas Beeton

Last month closed as the busiest April on record for European high yield, as a logjam of pent-up deals emerged into an increasingly constructive primary market where higher-rated repeat issuers are printing with little-to-no premium to fair value. There was a steady flow of companies tapping the market on an opportunistic basis to refinance debt, as well as an acceleration in new money through well-flagged LBOs and the first syndicated bonds to support dividend payments since January.