@article {Christopher Garman35, author = {M. Christopher Garman}, title = {Pricing European High-Yield New Issues}, volume = {9}, number = {4}, pages = {35--42}, year = {2000}, doi = {10.3905/jfi.2000.319252}, publisher = {Institutional Investor Journals Umbrella}, abstract = {European high-yield bonds are unique, and the dynamics of the European speculative-grade market are different from those in the United States. By looking at the influences that affect high-yield new issue pricing in this market, the author intends to clarify these differences. His study of two and a half years of recent new issues examines both company-specific and environmental factors. A significant amount of the variance in the new issue pricing can be quantified by four factors: the bond{\textquoteright}s average normal credit rating; the prevailing secondary market yield spread of European high-yield bonds; the principal size of the offering; whether the bond is deferred-interest coupon. The remaining variance is attributable to less quantifiable factors that are more under an underwriter{\textquoteright}s control.}, issn = {1059-8596}, URL = {https://jfi.pm-research.com/content/9/4/35}, eprint = {https://jfi.pm-research.com/content/9/4/35.full.pdf}, journal = {The Journal of Fixed Income} }