Global high yield report 2014

1.2 Is there a market for high yield offerings in your jurisdiction in which the high yield notes are governed by local law versus the more typical New York law?
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In Spain, there is a regulated secondary market for fixed income securities called AIAF, and a multilateral trading facility for institutional investors called MARF, launched in October 2013. Although MARF is still a very recent initiative, it is expected that it will increasingly be used by mediumsized users to tap the institutional market with debt securities. However, the local investor market for high yield is still small and most high yield offerings made by Spanish entities until now have been placed abroad, mainly in the US, and are governed by New York or English law…