La Française: High Yield Market Outlook
![Beursvloer (02) Beursvloer (02)](/l/en/library/download/urn:uuid:5fc70b9c-3405-4dda-83ec-0451235712f8/beursvloer2.jpg)
By Akram Gharbi, Head of High Yield Investment, La Française AM
Performance of the asset class
Since the beginning of the year, the Global High Yield (denominated in euros) has shown a performance of 3.3% while the Global Investment Grade index is negative at -1%. Geographically, the US (+3.6%) and European (+3.0%) High Yield markets have outperformed other regions, especially emerging markets. The Asian High Yield market recorded the worst performance of all markets (+0.4% year-to-date) due to the increase in credit events and defaults in China (China Fortune Land, Huarong, Evergrande, etc.). The default rate in the United States is down significantly and remains relatively stable in Europe.