High-yield markets on both sides of the Atlantic ended July with a positive performance (+1.27% for HY Euro and +1.84% for HY US). The situation is the same as in June: risk premiums widened slightly, offset by a significant fall in sovereign yields and in particular short-term yields as the yield curve steepened. Initial conclusions from the results season saw a downward revisions of financial targets. Issuers operating in cyclical sectors have been particularly affected.