Furthermore, the Bank of America Merrill Lynch high-yield indices in the U.S. and in Europe confirm this pattern: the total return in the year to date stands at 9.28% in the U.S., versus 12.76% in Europe.
The well-established pattern of such development suggests that the natural gas discoveries to date represent only a fraction of the total recoverable resource.
Given the record-low rate environment, the refinancing pattern is also evident in the year-to-date figures through October, with 59% of total volume earmarked for this purpose.