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.
Please click on the links to view a PDF copy of the 3rd Edition of
our
High Yield Bonds – An Issuer's Guide or to
request a hard copy. The Guide is primarily intended for
(first-time) issuers of high yield bonds, but we hope that other
market participants will also find it helpful.
Bernd Bohr is a partner in the Corporate & Securities practice and the Banking & Finance practice of the London/New York office.
Visit us at mayerbrown.com
Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
© Copyright 2013. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.