Concerns of a global banking system meltdown eased in April but still remain. HY ended higher in Europe and the US, but the situation is not yet calm, with significant movements in risk premiums during the month. We have seen two waves of "flight to quality": at the beginning of the month with the banking tensions and then at the end with the debate on the US debt ceiling. However, the lull in the interim allowed premiums to contract sharply. Note the upturn in the primary market in Europe at the end of the month, which contributed to an adjustment in premiums.