The European high yield bond market is a strange place at the best of times. Sometimes it is downright dangerous. Take the period of heavy issuance by cable companies between 1998 and 2000 for example: the fallout that followed made clear that many of these businesses simply could not support high yield within their capital structures.
Cable comeback
In the late 1990s, the bottom dropped out of the European high yield market, not least because of problems in the cable sector. Now high yield is coming back, and its appetite for cable is recovering as well.
