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    Aggressive high yield deals call for heightened vigilance
    Aggressive high yield deals call for heightened vigilance
    Urbaser, a Spanish waste management specialist, came to the market last week with a controversial new deal. The company launched a €1bn payment-in-kind (PIK) toggle note to fund a dividend to its owner Platinum Equity, just six weeks after it issued a new €2.3bn debt package to refinance its existing debt and fund a further €1bn of dividends.

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Meet Adel

Adel Ahmed

Portfolio Management

3 years investment experience

London

TwentyFour Asset Management LLP

8th Floor, The Monument Building, 11 Monument Street

EC3R 8AF London

United Kingdom

Adel is a member of the Multi-Sector Bond portfolio management team.

Prior to joining TwentyFour, Adel completed internships at Credit Suisse and The Armchair Trader.

He holds a BSc in Economics from SOAS University of London.

Insights

Selectivity pays as European high yield hits record
4 Jul 2025 TwentyFour Blog

Selectivity pays as European high yield hits record

Primary issuance in the European high yield (HY) market surged in June with €21.2bn of supply marking the highest monthly volume on record.
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European High Yield funds post record inflows amid buoyant investor demand
21 Oct 2024 TwentyFour Blog

European High Yield funds post record inflows amid buoyant investor demand

A lot has happened since our last blog about the state of affairs in the European High Yield (HY) market. At the time, the sector had just seen three of the largest capital structures of Altice France, Ardagh Group and Intrum AB announce restructuring advisors in quick succession, with growing fears that it would represent the start of a wider default trend.
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