The European high-yield market posted a strong gain over the quarter, with all months being positive. High-yield borrowers benefited from the improvement in macroeconomic conditions: consumption was a positive contributor to eurozone growth in the final quarter of 2013, and, most recently, the confidence index in Italy reached a three-year peak. Central banks remained supportive, with Yellen taking over the role of FED president and all ECB board members unanimously confirming their accommodative stance. The upshot was a reassessment of …
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