RE: August Bond Market3 Sep 2019 16:01
Chesh - text as follows.....
"Investor demand for higher yields will help fuel about 30 billion euros-equivalent ($32.9 billion) of speculative-grade debt sales over the next two months, estimates by JPMorgan Chase & Co. show.
That would help salvage what’s been a luckluster year for high-yield bond and leveraged loan sales in Europe, which are collectively down 23.6 billion euros compared with the same period of 2018, according to data compiled by Bloomberg.
“The technical conditions are as favourable as we have seen over the past few years,” Kevin Foley, JPMorgan’s head of leveraged finance capital markets for EMEA, said in an interview ahead of the lender’s European High Yield & Leveraged Finance Conference on Wednesday.
Arrangers say a surge of appetite for assets paying rich margins could even spur some higher risk financings, which would mark a shift from the cautious approach that’s characterized the market for much of this year. Since the start of January only three bond deals have priced in Europe with at least one CCC rating, the data show, versus nine last year and 18 in 2017."