Summary

• High-yield bonds declined fractionally for the quarter. The high-yield market started the year on an optimistic tone, supported by solid economic data.
• Mounting risks in the private credit market, including rising default estimates, triggered worries about spillover into public credit markets.
• High-yield credit spreads widened, but the movement was fairly muted.

Market Review

High-yield bonds declined. High-yield bonds declined fractionally for the quarter. The high-yield market started the year on an optimistic tone, supported by solid economic data. But sentiment reversed course in February and March. Worries about artificial

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