It may not be the peak, but it's a lot closer to the top than the bottom. Europe's lagging - compared to the U.S. - junk bond market is about to see a $11.6B sale by French cable company Numericable Group. It would be the largest junk-bond sale ever both in Europe and the States.
Numbericable is a subsidiary of Altice, which will be using the proceeds to fund its purchase of Vivendi's telecoms business SFR. The deal was originally supposed to consists of a €5.6B bank loan and a smaller offering, but the bank part has pulled back and the high-yield issuance grown.