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High yield bows to loans dominance despite record issuance

For the second consecutive quarter since the pandemic started, revenue generated in both the US and Europe by loans has leapfrogged high yield. A booming loans market in the first three months of 2021 generated $2.5bn in revenue, up 33% on Q4 2020 whilst high yield bonds generated $2.0bn.

Whilst a subsidized high yield market dominated revenue generation and favored

HY franchises in 2020, Q1 2021 saw the top three banks JPM, CS and BofA improving their share to 13.9%, 8.6%, and 7.3% in Q1 2021 from 11.9%, 7.2% and 7.1% in FY 2020.





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