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Surging Returns Trump Risk In Euro High Yield, Report Says
NEW YORK (Standard & Poor's) Dec. 11, 2006--European high yield is poised to enter 2007 on a strong footing according to the Standard & Poor's report "Europe High Yield Prospects: Surging Returns Trump Risk Concerns."
"With record issuance volume, healthy returns, and low volatility, the European high yield market has exceeded expectations in 2006," noted Diane Vazza, head of Standard & Poor's Global Fixed Income Research Group. "Defaults have ticked up from record lows, even as there is concern that distress may be suppressed by the lowering of covenants."
Meanwhile, the economic backdropsupported by vigorous business investment, elevated consumer spending, and strong export activityis still robust, with growth in the eurozone forecast to reach a five-year high of 2.6% in the current year before decelerating to 1.8% in 2007.
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