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 works 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 harmonisation of insolvency laws for cross-border corporate restructurings.

AFME staff work with teams of experts from member firms on projects ranging from informal discussion groups to formal responses to government consultations.

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 of ECM and High Yield Divisions

Oscar Newman

Associate, ECM and High Yield