Fitch has created a new high yield default index specific to the European non-investment grade bond market. The new index complements Fitch’s existing US default series, which spans from 1980 to the present, essentially the entire modern history of high yield in the US, and includes both market and industry-specific default rates. Fitch believes that the dynamic growth of high yield issuance in Europe in the past several years has created a need for a local measure of default risk and a unique benchmark to gauge market performance. The high yield eurobond market has grown from negligible in size to US$42.7bn (Euro43 bn) in approximately three years, and Fitch expects that it will continue to grow as more companies tap high yield bonds to finance restructurings, mergers and acquisitions, leveraged buyouts (LBOs), and other corporate activities in an effort to boost growth and profitability.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.