After the collapse of foods group Parmalat, the Italian bond market needed a shot in the arm in 2004. It came in the form of the high-yield issue backing the leveraged buy-out of Seat Pagine Gialle, the Italian directories business, which wins the award for high-yield issue of the year. With a handful of other deals, it proved that the Italian market could still provide rich pickings for bankers and investors alike.

Seat Pagine Gialle's €1.3bn ($1.7bn) bond, the largest high-yield issue of the year in euros, which came to market through a special-purpose vehicle called Lighthouse International, was arranged in April by Credit Suisse First Boston, Barclays Capital, BNP Paribas and Royal Bank of Scotland.