High Yield

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High Yield

The High Yield division focuses on promoting transparency and liquidity in the high yield and leveraged loan markets.


The High Yield division endeavors to streamline and to lower the costs of executing high yield debt capital markets transactions, and lobbies for the reform of corporate insolvency laws. In the long term, the division seeks the pan-European harmonization of insolvency laws for cross-border corporate restructurings. Further, the division has, in line with market developments, increased its coverage of, and focus on, relevant leveraged loan and sustainable finance matters. This includes an increased discussion and analysis of leveraged loans and CLOs, and an increased emphasis on the interplay between the high yield bond and leveraged loan markets, as well as the impacts from the fast-evolving ESG market.

AFME staff work with teams of experts from member firms on projects ranging from informal discussion groups and educational webinars to producing standard form documents and market practice guidelines.

Key Documents
Standard Forms

Industry Guidelines

The Industry Guidelines have been updated to include the following text: It is recommended that investors are given an opportunity to discuss the capital structure and covenants affecting an investment in the relevant bonds, and that the discussion take place at the same time as the issuer’s group presentations (i.e., the relevant investor breakfast, lunch and global conference call). Please see the AFME website for a sample list of questions that investors might ask during any such discussions.

High Yield Bonds – Sample Investor Questionnaire


Gary Simmons

Managing Director, High Yield and Equity Capital Markets

Oscar Newman

Senior Associate, ECM & High Yield