25 Mar 2024

#ChartOfTheDay: European High Yield Faces CCC-Rated Headwinds πŸ“Š

European High Yield markets encountered headwinds last week, particularly among the weakest issuers with CCC ratings, which experienced a notable decline of -0.7%. This downturn was fueled by renewed credit concerns, exemplified by significant drops (-30 points) in the senior unsecured debt of Altice France following debt restructuring announcements, and Ardagh Packaging exploring its debt structure. These incidents follow the recent Intrum crisis, where debt collector bonds plummeted by 20 points amid restructuring talks. These developments have erased the year-to-date gains of CCC-rated bonds in Europe, which stood at +6% before last week's events. This serves as a stark reminder of how quickly circumstances can change, especially in today's volatile interest rate environment! Stay informed and vigilant in navigating the ever-changing landscape of high yield markets. #HighYield #CreditConcerns #MarketVolatility πŸ“‰


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