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The European high yield market has struggled to gain significant momentum in the past few years, with investors and issuers alike finding reasons not to embrace the product wholeheartedly. However, a new offering pioneered in July by UK DIY chain Focus Wickes, so-called mezzanine notes, seems to have addressed many of those reasons to say no. So what are these notes, and how do they work? Deal Mechanic investigates.
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