Mergermarket Germany Forum

20-21 March 2019, InterContinental Hotel, Düsseldorf

Has high yield shed its negative connotation in corporate Germany?

Germany Acquisition Finance

Despite a history of strong corporate banking relationships, Germany is now among the most active high yield markets in Europe. Scott Boothby, Head of High Yield at Commerzbank explains why. 

In this presentation at Mergermarket's Germany Forum, Scott Boothby outlined the factors that have contributed to a greater acceptance of high yield among corporate borrowers. These include:

  1. Divergence in market appetite for bank debt and bond financing post-crisis, particularly for larger corporates
  2. High profile German high yield transactions has encouraged others to market
  3. Improved appetite from Mittelstand corporates, aided by German Law documentation

However, a number of obstacles still remain:

  1. Competition from alternative financing products creating dilution of standards
  2. Changing the perception of high yield amongst Mittelstand corporates
  3. Process, disclosure and reporting requirements

Download the presentation slides or watch the session recording below. 


Scott  Boothby Scott Boothby Managing Director, Head of Leveraged Markets Commerzbank Bio