European high yield new issuance hit a seven-month low in March according to data from LevFin Insights. The cross-border LBOs from Electronic Arts and Sealed Air did include euro-denominated tranches, but otherwise, the primary issuance well ran dry. However, there were plenty of waves being made in special situations and the secondary market. A pair of issuers, Maxeda and Isabel Marant, implemented consensual A&Es with more than 95% and 98% bondholder support in March. As far as less harmonious restructurings go, March also saw further developments in Selecta’s ongoing litigation when the defendants filed a motion to dismiss the lawsuit filed by minority bondholders unhappy with the company’s aggressive LMT completed in 2025.