March confirmed the shift in the market's tone: the conflict in Ukraine accentuated the inflationary pressures initiated by the post-Covid-19 recovery against the backdrop of a continued rise in commodities prices (wheat, gas, oil). Rates have affected the performance of the higher rated segments (BB). This context of uncertainty is reflected in a sluggish primary market, with HY issuers having had their fill of liquidity and being able to take a wait-and-see attitude in the face of rising financing costs.