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European High Yield Assoc launches

The official launch of the European High Yield Association (EHYA) is to take place on January 16. EHYA will be chaired by Mostyn-Williams, who is also the managing director of AIG MezzVest.

The EHYA has set itself out as a professional society aiming to broaden the knowledge base on high yield instruments, to gain consensus in standardising the products within the asset class and to increase its use as a financing method of choice of Europe.

Since the European high yield market opened up in 1997 conditions for issuance are best described as patchy and as a consequence the market has been seen as the weak link in the European debt arsenal. This perception and reality has meant, in leveraged transactions where high yield debt might be appropriate, often the familiarity and reliability of mezzanine and securitisation structures have taken preference.

Aside from Stephen Mostyn-Williams as chairman, the founding board members include Michael Sonenshine Credit Suisse First Boston, Gonzalo Fernandez from Ashurst Morris Crisp, Joe Biernat from European Credit Management, Tim Grell from Merrill Lynch, Martin Reeves from Alliance Capital Management, and Varkki Chacko

from Goldman Sachs.

Membership of the EHYA is open to all market professionals analysts, traders, originators, fund managers, lawyers, accountants as well as issuers and investors.