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        Global High Yield Update – Q1 2023

        • A volatile quarter in which GHY showed remarkable resilience, helped by a strong tailwind from rates.
        • Even as regional bank stress and contagion appears to have been avoided, credit tightening in the medium term remains a concern.
        • Fundamentals, defaults, distress, and dispersion all worsening at the margin – with central banks not likely to ease, as inflation remains sticky at fairly high levels.
        • Spreads are not excessively cheap, but it is expensive to be underinvested in a short-duration asset class yielding 8.5%.
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