European high yield bond issuance totals a slim €1.59 billion in 2016 (through Feb. 19), compared to €14.14 billion through the same period last year, according to S&P Global Market Intelligence LCD. That’s the worst start to a  year since 2009.

It’s been a slog, to say the least.

“The market has hosted supply in just two of the eight weeks this year,” writes LCD’s Luke Millar, in his weekly high yield analysis. “Of greater concern, bankers admit they are unlikely to bring a new deal until early March, as this year’s new issues are underwater, LeasePlan’s deal was postponed, earnings season is underway, and conditions have been so volatile that pitching pricing levels to prospective clients is difficult.”

This chart is from LCD’s European High Yield Weekly, which offers complete news and data on the European speculative-grade bond market. You can learn more about LCD here. 

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