The other overhang

Ineos Kerling's decision to pull syndication of its €620m debt package has highlighted the difficulty underwriters face in managing their exposure to bridge loans to the European high-yield market. Even with talk that Fresenius could tap the euro market for part of its up to US$1bn high-yield package, the prospect of pricing a truly European high-yield bond seems more remote than ever. Donal O'Donovan reports.

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