High Yield Bonds: An Issuer's Guide (6th European Edition)

At the time of publication of the 5^th European Edition of High Yield Bonds:  An Issuer’s Guide in July 2020, Europe and the rest of the world were firmly in the grip of the COVID-19 pandemic. After a very promising start to the year, both high-yield bond and leveraged loan markets in Europe had come to a grinding halt with investors scrambling to fully assess the impact of the pandemic on individual businesses and industries. Much has happened since then, and with 2025 year-to-date issuance volumes in the European high-yield markets on track for another potential record year, the latest edition the guide has been long overdue.

As with earlier editions, the 6^th European Edition of High Yield Bonds: An Issuer’s Guide is primarily intended for first-time issuers, to give business owners, chief financial officers, treasurers, in-house lawyers and other key stakeholders a better understanding of the high-yield product, and to help them evaluate the pros and cons of issuing high-yield notes. We therefore did not assume that users of this guide would have any prior experience with high-yield bonds, and we have tried to explain relevant high-yield bond concepts and the typical high-yield covenant package in simple, non-technical terms wherever possible. However, where relevant, we are also highlighting the latest trends and developments that may be of most interest to the more experienced reader. We therefore hope that other market participants (such as relevant team members at underwriting banks/initial purchasers, law firms or other financial and legal advisers) will also find the latest edition of the guide interesting and helpful.

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