High Yield

Two influences dictated activity in the high-yield sector over the quarter: interest rate volatility, which returned after being absent for a while, and event-driven credit volatility, rooted in developments such as M&A, recaps and dividend deals. “A rise inevent-driven risk tends to play to JPMorgan’s strengths, as we arefocused on research and the legal documentation,” says JeremyRogers, head of high-yield trading at JPMorgan in London.No sector in high yield stood out as being especially