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


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

  • Martin Reeves, Co-Vice-Chair

    Legal & General Investment Management

  • Tanneguy de Carné, Co-Vice-Chair

    Société Générale

  • Kevin Muzilla

    Allen & Overy

  • Adam Farlow

    Baker & McKenzie

  • Tim Morgan


  • Cynthia Cheung


  • Michael Moravec


  • Craig Abouchar


  • Christian Knitzschke


  • Arnaud Tresca

    BNP Paribas

  • Paul Simpkin


  • Jason Bruhl


  • John W Connolly III

    Clifford Chance

  • Sabrina Fox

    Covenant Review

  • Philip Boeckman


  • Mathew Cestar

    Credit Suisse

  • Paul Gregory

    Danske Bank

  • Raman Bet-Mansour

    Debevoise & Plimpton

  • Pierre Maugüé

    Debevoise & Plimpton

  • Diarmuid Toomey

    Deutsche Bank

  • Tony Lopez

    DLA Piper

  • Martin Dropkin

    Fidelity Investment

  • Andrei Gorodilov

    FIL Investments

  • Edward Eyerman


  • Simone Bono

    Freshfields Bruckhaus Deringer

  • Dominic Ashcroft

    Goldman Sachs

  • Michael Marsh

    Goldman Sachs

  • Peter Marshall

    Houlihan Lokey

  • Joseph Swanson

    Houlihan Lokey

  • Mathias Blumschein


  • Eden Riche


  • Ben Thompson

    J.P. Morgan

  • Tracy Edmonson

    Latham & Watkins LLP

  • Alexander Naidenov


  • Carlo Fontana

    Lloyds Banking Group

  • Fabien Visan


  • Tim Peterson

    Milbank, Tweed, Hadley & McCloy

  • Martin Luehrs

    Morgan Stanley

  • Geraint Thomas

    MUFG Securities EMEA

  • Tatjana Greil Castro

    Muzinich & Co.

  • Peter Hurd


  • Povl Bak-Jensen


  • Gavin McKeown

    Pioneer Investments Management

  • Peter Castellon

    Proskauer Rose LLP

  • Mikkel Velin

    Rogge Global Partners Plc (Allianz Global Investors)

  • Jane Rogers

    Ropes & Gray LLP

  • James McDonald

    Skadden, Arps, Slate, Meagher & Flom

  • Phil Loach


  • Steffen Wasserhess


  • Jose Brena


  • Fabrice Charretour


  • Patrick Bright

    Weil, Gotshal & Manges LLP

  • Nicholas Bennett

    Wells Fargo

  • Jill Concannon

    White & Case

  • Rob Mathews

    White & Case