7th July 2026
BNP Paribas: US high yield: Resilience against interest rate and spread volatility
The US high yield market has weathered recent market turbulence well, but selectivity is becoming increasingly paramount. Jack Stephenson, Senior Investment Specialist, tells Chris Iggo that the outlook for US high yield remains constructive despite widening dispersion across industry and quality segments of the market.
This view is supported by recent net positive inflows following a relatively solid earnings season for high-yield companies. “The short duration segment of the US high yield market offers a nice balance of potentially helping investors protect against interest rate volatility but also spread volatility.”

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