{"id":207596,"date":"2025-09-04T07:39:49","date_gmt":"2025-09-04T07:39:49","guid":{"rendered":"https:\/\/ibkrcampus.eu\/campus\/?p=207596"},"modified":"2025-09-04T09:36:50","modified_gmt":"2025-09-04T09:36:50","slug":"global-high-yield-update-q2-2025","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.eu\/campus\/traders-insight\/securities\/fixed-income\/corporate-bonds\/global-high-yield-update-q2-2025\/","title":{"rendered":"Global High Yield Update\u2014Q2 2025"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Originally Posted 03 September 2025 &#8211; <a href=\"https:\/\/www.ssga.com\/ie\/en_gb\/institutional\/insights\/2025-q2-global-high-yield-update-fixed-income\">Global High Yield Update\u2014Q2 2025<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Global High Yield: Limited Spread Upside, Steady Carry<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-executive-summary\">Executive Summary:<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Global High Yield (GHY) spreads ended H1 2025 flat, recovering from a sharp 150 bps widening. Risk assets remained buoyant despite tariff shocks, geopolitical tensions, and a US credit downgrade, supported by a soft-landing narrative and expectations of Fed easing.<\/li>\n\n\n\n<li>HY issuers demonstrated solid earnings and balance sheet strength, with improving EBITDA growth, stable margins, and manageable leverage. Refinancing activity helped mitigate maturity wall concerns, while fund flows rebounded, reinforcing market stability.<\/li>\n\n\n\n<li>With spreads near historical tights, valuations offer limited cushion for tail risks. However, attractive all-in yields (~7%), healthy corporate fundamentals, investor demand and improving credit conditions continue to support a coupon-like return environment.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.ssga.com\/ie\/en_gb\/institutional\/library-content\/assets\/pdf\/global\/fixed-income\/2025\/ghy-q2-2025.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Read More<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Global High Yield (GHY) spreads ended H1 2025 flat, recovering from a sharp 150 bps widening. Risk assets remained buoyant despite tariff shocks, geopolitical tensions, and a US credit downgrade, supported by a soft-landing narrative and expectations of Fed easing.<\/p>\n<p>HY issuers demonstrated solid earnings and balance sheet strength, with improving EBITDA growth, stable margins, and manageable leverage. Refinancing activity helped mitigate maturity wall concerns, while fund flows rebounded, reinforcing market stability.<\/p>\n<p>With spreads near historical tights, valuations offer limited cushion for tail risks. However, attractive all-in yields (~7%), healthy corporate fundamentals, investor demand and improving credit conditions continue to support a coupon-like return environment.<\/p>\n","protected":false},"author":186,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[807,14,146,148,7],"tags":[1443,3790,314],"contributors-categories":[462],"class_list":["post-207596","post","type-post","status-publish","format-standard","category-corporate-bonds","category-fixed-income","category-macro","category-text-articles","category-traders-insight","tag-credit","tag-global-high-yield","tag-market-outlook","contributors-categories-state-street-global-advisors"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Global High Yield Update\u2014Q2 2025 | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Global High Yield (GHY) spreads ended H1 2025 flat, recovering from a sharp 150 bps widening. Risk assets remained buoyant despite tariff shocks,...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.eu\/campus\/wp-json\/wp\/v2\/posts\/207596\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Global High Yield Update\u2014Q2 2025\" \/>\n<meta property=\"og:description\" content=\"Global High Yield (GHY) spreads ended H1 2025 flat, recovering from a sharp 150 bps widening. Risk assets remained buoyant despite tariff shocks, geopolitical tensions, and a US credit downgrade, supported by a soft-landing narrative and expectations of Fed easing. HY issuers demonstrated solid earnings and balance sheet strength, with improving EBITDA growth, stable margins, and manageable leverage. Refinancing activity helped mitigate maturity wall concerns, while fund flows rebounded, reinforcing market stability. With spreads near historical tights, valuations offer limited cushion for tail risks. 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