Reinventing the wheel?

The European high yield market has struggled to gain significant momentum in the past few years, with investors and issuers alike finding reasons not to embrace the product wholeheartedly. However, a new offering pioneered in July by UK DIY chain Focus Wickes, so-called mezzanine notes, seems to have addressed many of those reasons to say no. So what are these notes, and how do they work? Deal Mechanic investigates.