High Yield

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.

Standard Forms

Industry Guidelines

The 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.

Sample Investor Questions

Forthcoming Events

European High Yield Conference

European High Yield: A Spanish Perspective

Gary Simmons, AFME’s High Yield Managing Director,  and Christian Knitzschke, Head of High Yield Syndicate Europe at BBVA, discuss the key takeaways from AFME’s “European High Yield: Spanish Perspective” conference in Madrid.

High Yield Board

  • Youssef Khlat, Chair

    Crédit Agricole CIB

  • Michael Dakin, Co-Vice-Chair

    Clifford Chance LLP

  • Tanneguy de Carné, Co-Vice-Chair

    Société Générale

  • Kevin Muzilla

    Allen & Overy LLP

  • Tamer Bahgat

    Ashurst LLP

  • Anna-Marie Slot

    Ashurst LLP

  • Clark Nicholls


  • Rob Mathews

    Baker & McKenzie, LLP

  • Adam Farlow

    Baker & McKenzie, LLP

  • Cynthia Cheung


  • Chris Epperson


  • Christian Knitzschke


  • Arnaud Tresca

    BNP Paribas

  • Paul Simpkin


  • Jason Bruhl


  • John W Connolly III

    Clifford Chance LLP

  • Jane Gray

    Covenant Review LLC

  • Philip Boeckman

    Cravath, Swaine & Moore LLP

  • Mark Walsh

    Credit Suisse Securities Europe Limited

  • Edward Derry Hubbard

    Danske Bank

  • Jojo Thirasilpa

    Danske Bank

  • Raman Bet-Mansour

    Debevoise & Plimpton LLP

  • Pierre Maugüé

    Debevoise & Plimpton LLP

  • Jennifer Pence


  • Diarmuid Toomey

    Deutsche Bank AG

  • Tony Lopez

    DLA Piper

  • Edward Eyerman

    Fitch Ratings

  • Simone Bono

    Freshfields Bruckhaus Deringer

  • Michael Marsh

    Goldman Sachs International

  • Dominic Ashcroft

    Goldman Sachs International

  • Peter Marshall

    Houlihan Lokey

  • Joseph Swanson

    Houlihan Lokey

  • Mathias Blumschein


  • Eden Riche


  • Ben Thompson

    J.P. Morgan Chase Bank, NA

  • Francesco Lione

    Latham & Watkins (London) LLP

  • Alexander Naidenov

    Linklaters Business Services

  • James Ranger

    Lloyds Banking Group

  • Bernd Bohr

    Mayer Brown

  • Fabien Visan


  • Tim Peterson

    Milbank LLP

  • Apostolos Gkoutzinis

    Milbank LLP

  • Martin Luehrs

    Morgan Stanley & Co. International plc

  • Geraint Thomas

    MUFG Securities EMEA plc

  • Graeme Scullard


  • Wesley Budler


  • Peter Hurd


  • Povl Bak-Jensen


  • Peter Castellon

    Proskauer Rose LLP

  • Robert Haak

    Ropes & Gray LLP

  • Trevor Ingram

    Shearman & Sterling LLP

  • James McDonald

    Skadden, Arps, Slate, Meagher & Flom (UK) LLP

  • Phil Loach


  • José Breña

    UniCredit Bank AG

  • Steffen Wasserhess

    UniCredit Bank AG

  • Patrick Bright

    Weil, Gotshal & Manges (London) LLP

  • Nicholas Bennett

    Wells Fargo Securities International Limited

  • Jill Concannon

    White & Case LLP

  • James Slessenger

    Xtract Research