Cast your mind back to 2000, a time when London firms were marching confidently towards global domination. One of the smaller items on the magic circle shopping list back then was breaking into high yield, a prospect which at least looked more achievable that nailing that pesky Wall Street merger.
Four years on, it has not quite worked out that way with UK firms, if anything, going into reverse in the sector. Given the extent to which it is an American product, it is no surprise the yanks still hold the upper hand, particularly with the US underwriters who form the backbone of a successful practice. But when US firms are beating UK rivals in their own backyard serious questions are raised.
