European companies face lower issuance costs, increasing the amount of bonds they issue. The deluge of new high-yield, or junk, bonds is further evidence of the significance of these lower-rated European companies seeking to refinance debt.
While high-yield bonds offer investors better returns than the less risky investment-grade bonds, yields on junk bonds have also shrunk over the course of the year, meaning companies can pay less for debt issuance.
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