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European High Yield Bond Volume Hits Record €70.2B In 2014

This article is more than 9 years old.

European high-yield has set a new annual volume record, with yesterday’s deal from Hapag-Lloyd taking the year-to-date total to €70.2 billion, versus €70.1 billion in all of 2013, according to LCD. The year-to-date deal count of 197 is still some way off 2013’s tally of 211, however.

When adding in Yankee supply, 2014 volume stands at a record €102.9 billion, versus €90.6 billion last year.

And in terms of the global market, combined U.S. and European high-yield volume stood at €304.9 billion as of the end of last week, versus €313.7 billion in all of 2013 and €307.7 billion in all of 2012.

Despite the volume record, 2014 is setting up to go out with more of a whimper than a bang, and it has taken weeks for the market to crawl toward the record. Indeed, since the start of September, just €7.4 billion of paper has printed, less than seen in single month from March through July, LCD data show.

Supply is forecast to remain at a few deals a week, meaning 2013’s record deal count might not be surpassed. By contrast, last year ended strongly. At this point last year 193 deals had been issued for total volume of €65.2 billion.