Byline: Carol J. Clouse
After shuttering up for more than a month, the European high yield bond market ended the first half of 2010 wide open and hasn't closed yet. Indeed, bankers describe this year's market as operating in "windows," with issuers jumping through when the opportunity presents itself. Today, the view for the rest of the year looks relatively sunny, but macroeconomic concerns could still force the window shut again.
The market started off the year strong, on the heels of record levels of issuance in the second half of 2009. It stumbled a bit in February, then picked back up again. But the Greek debt problem and other widespread worries slowed issuance down in April, and from mid-May to mid-June-nothing.
"It didn't have much to do directly with the companies themselves, but the risk appetite dwindled, and premiums increased, so it wasn't a great …
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