First-time issuers boost high-yield volumes
Issuance reaches a six-year high; concerns surface over worsening credit quality
High-yield issuance is booming, with year-to-date deal volumes reaching six-year highs. By March 9, 110 issues totaling $27.8 billion had come to market. Only half as many deals had been issued in a comparable period last year. In 1998, 175 deals brought $34 billion of high-yield paper to market.
Analysts attribute the high deal volume to a combination of landmark deals from established issuers, together with a growing number of first-time issuers.
Electricity supplier Calpine led the way with a
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