The European High Yield Association (EHYA) plans to integrate its activities with the Bond Market Association's (BMA) European activities in London starting in January, the groups said in a joint press release last week.
The combination is expected to provide the EHYA with the support and resources required to address a wider range of relevant issues in Europe. It will strengthen advocacy efforts and further integrate representation of the high-yield market within the broader fixed-income markets. EHYA said it was planning to address the EU prospective directive, European bankruptcy reform, documentation standardization, due diligence procedures, price transparency, promotion of the European high-yield market as well as corporate, bank and investor education events.
But the union will also provide the EHYA with a platform to coordinate actions on issues of relevance to the European and U.S. high-yield markets. "This is a very important development, as the U.S. and European high-yield markets are very closely linked and face similar regulatory and market practice issues," said Chair of BMA's U.S. High-Yield Committee, Lester Brafman of Goldman Sachs. "We look forward to working closely with the European High Yield Association."
The EHYA will be based at the BMA's London headquarters, which also houses the European Securitization Forum (ESF) and the European Primary Dealers Association. Its membership comprises high-yield underwriters, investors, issuers and fund managers, as well as private-equity firms, rating agencies, law and accounting firms.
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