The European High Yield bond market shows significant cyclical evolution. Issuances reached their historical peak in 2021 with €149.9 billion, driven by exceptional post-COVID liquidity conditions. However, the market experienced a dramatic contraction in 2022 (€31.8 billion), followed by gradual recovery in 2024 (€120.2 billion). Meanwhile, a notable transformation in maturity structure is observed: concentration in the 5–7-year segment has grown consistently from 26% in 2015 to 70% in 2024-2025. Stabilization in the medium segment: 7–10-year maturities remain around 20%. Drastic reduction of long-term issuances: 10+ year bonds practically disappeared (0% in 2023 and 2025).
This evolution reflects market shift toward conservative structures. Senior Secured exposure increased substantially, while BB-rated bonds consistently dominate 50-60% of issuances, demonstrating preference for higher-quality high yield credits.
