The European high yield market produced a default rate of 20.9% on default volume of $12 billion in the first six months of 2002, according to Fitch Ratings. Both the number of defaulted issuers and default volume topped full year 2001 levels. In the six month period, 19 issuers defaulted on their bond obligations compared to 18 for all of 2001. Further, the large size of defaults in the first half, including Netia Holdings, United Pan Europe Communications, Energis, and NTL Communications, pushed default volume to triple the level recorded in 2001 of $4.2 billion. The default rate of 20.9% compares to a six month U.S. high yield default rate of 9.5% on default volume of $57.3 billion.
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.