Gianluca Consoli, CFA, is a Vice President and Portfolio Manager in PGIM Fixed Income's European Leveraged Finance Team, based in London. Mr. Consoli is primarily responsible for managing bank loans and high yield bonds across multiple mandates. Previously, he was a credit analyst in the European Leverage Finance Credit Research Team where he covered the industrials, building materials, speciality financials and travel and transport and debt collector sectors.
Gianluca
Consoli, CFA
Steve Logan is a Principal and Portfolio Manager on the European Leveraged Finance Team at PGIM Fixed Income, based in London. Mr. Logan is primarily responsible for managing bank loans and high yield bonds across multiple mandates. Mr. Logan has over 35 years of experience in asset management and corporate banking.
Steve Logan
Rob Fawn is a Principal and Portfolio Manager on the European Leveraged Finance Team at PGIM Fixed Income, based in London. He is responsible for managing high yield bonds and bank loans across multiple mandates. He manages the European investments in the Credit Opportunities strategy, and is also responsible for managing the European Leveraged Finance sleeves within the Global High Yield and Multi-Sector portfolios.
Rob Fawn
Arvinder Chowdhary, CFA, is a Principal and Portfolio Manager on the European Leveraged Finance Team at PGIM Fixed Income, based in London. Mr. Chowdhary is primarily responsible for managing bank loans and high yield bonds across multiple mandates.
Arvinder Chowdhary, CFA
Jonathan Butler is a Managing Director and the Head of the European Leveraged Finance Team (High Yield and Bank Loans) at PGIM Fixed Income, based in London. Mr. Butler is also the co-Head of the Global High Yield Strategy. He is a member of the board of directors of PGIM Limited, PGIM's UK-regulated business, and assists with developing and implementing the Firm's business strategy in the UK.
Jonathan
Butler
CHANGING MARKET COMPOSITION
BB-rated
bonds
The European high-yield bond market has improved in quality since the Global Financial Crisis in 2008-09. From around 45% previously, BB-rated bonds now make up 70% of the European index. This includes bonds from issuers such as Marks & Spencer, Nokia, Renault and Telecom Italia. By contrast, BB-rated bonds make up only 52% of the U.S. high-yield index.
BB-RATED BONDS
Approximately 25% are single B-rated bonds, issued by companies such as France’s second largest Telco SFR (Altice), Dutch cable operator Ziggo and the UK’s Virgin Media. In comparison, the U.S. high-yield market is 37% single B-rated.
B-RATED BONDS
CCC-rated bonds account for just 5%, including issues by German footwear brand Birkenstock and French frozen food specialist Picard. In the US, this rating makes up 11% of the index, more than double the European average.For reference: as of 31 August, the ICE BofA European Currency High Yield Index comprised nearly 900 euro- and sterling-denominated high-yield bonds of over 400 issuers, with a face value of around €506 billion (£437 billion).
CCC-RATED BONDS
As of 30 September, the ICE BofA European Currency High Yield Index comprised nearly 900 euro- and sterling-denominated high-yield bonds of over 400 issuers, with a face value of around €505 billion (£443 billion). Select a bond rating to learn more.
EUROPEAN BANK LOANS
STRATEGY OFFERINGS
STrategy details
EUROPEAN HIGH YIELD
STrategy details
SHORT DURATION EUROPEAN HIGH YIELD
GLOBAL BANK LOANS
STrategy details
GLOBAL HIGH YIELD
STrategy details
B-rated
bonds
CCC-rated
bonds
Gianluca
Consoli, CFA