"Europe is not the first place most people think when high-yield bonds are mentioned. But while the size of the market is much smaller than it is in the United States, the high-yield issuance in Europe is as hot as it has ever been.
...The market really only started around the turn of the century and has been cyclical and primarily driven by macroeconomic events, said Ward McKimm, a London-based partner at Kirkland & Ellis LLP. It has already seen several downturns and upturns but emerged from every downturn a bit stronger than before. The high-yield business at Kirkland has been very busy, as the firm has worked on deals ranging from the Ista acquisition to a £400 million ($627 million) high-yield notes offering backing a refinancing from Carlyle Group-backed Integrated Dental Holdings Ltd."
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