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

17th Annual High Yield Black Tie Dinner: Book Now

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

  • Tanneguy de Carné, Co-Vice-Chair

    Société Générale

  • Kevin Muzilla

    Allen & Overy

  • Tamer Bahgat

    Ashurst LLP

  • Anna-Marie Slot

    Ashurst LLP

  • Clark Nicholls


  • Adam Farlow

    Baker & McKenzie

  • Cynthia Cheung


  • Christian Knitzschke


  • Arnaud Tresca

    BNP Paribas

  • Jason Bruhl


  • Paul Simpkin


  • John W Connolly III

    Clifford Chance

  • Jane Gray

    Covenant Review

  • Philip Boeckman


  • Mark Walsh

    Credit Suisse

  • Paul Gregory

    Danske Bank

  • Raman Bet-Mansour

    Debevoise & Plimpton

  • Pierre Maugüé

    Debevoise & Plimpton

  • Jennifer Pence


  • Diarmuid Toomey

    Deutsche Bank

  • Tony Lopez

    DLA Piper

  • Edward Eyerman


  • Simone Bono

    Freshfields Bruckhaus Deringer

  • Dominic Ashcroft

    Goldman Sachs

  • Michael Marsh

    Goldman Sachs

  • Peter Marshall

    Houlihan Lokey

  • Joseph Swanson

    Houlihan Lokey

  • Eden Riche


  • Mathias Blumschein


  • Ben Thompson

    J.P. Morgan

  • Francesco Lione

    Latham & Watkins

  • Tracy Edmonson

    Latham & Watkins LLP

  • Alexander Naidenov


  • James Ranger

    Lloyds Banking Group

  • Fabien Visan


  • Tim Peterson

    Milbank, Tweed, Hadley & McCloy

  • Martin Luehrs

    Morgan Stanley

  • Geraint Thomas

    MUFG Securities EMEA

  • Graeme Scullard


  • Wesley Budler


  • Peter Hurd


  • Povl Bak-Jensen


  • Peter Castellon

    Proskauer Rose LLP

  • Robert Haak

    Ropes & Gray LLP

  • James McDonald

    Skadden, Arps, Slate, Meagher & Flom

  • Phil Loach


  • José Breña


  • Fabrice Charretour


  • Steffen Wasserhess


  • Patrick Bright

    Weil, Gotshal & Manges LLP

  • Nicholas Bennett

    Wells Fargo

  • Rob Mathews

    White & Case

  • Jill Concannon

    White & Case

  • James Slessenger

    Xtract Research