High-yield debt in Europe - let's take this from the top
Here we go again. Nearly a decade since making abortive first attempts to break into the high-yield market, a handful of UK law firms are making a renewed effort with a product line that many are predicting - once again - will go mainstream in Europe. Most notably, Allen & Overy (A&O) has recruited Kevin Muzilla, a former Milbank Tweed Hadley & McCloy partner as a rare appointment to its London partnership. The attraction for UK lawyers is obvious, with high-yield debt more complex, bespoke and document-intensive than general capital markets work. But breaking into the area has proved harder than imagined.
The first time was a bust but UK firms are set for a more considered push in high yield
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