European high yield has sold off considerably over the year as inflationary pressures and macroeconomic concerns have weighed on the asset class. While we have seen some spread tightening over the summer, high yield credit spreads are still well above their 5 and 10 year averages with prices are in the high 80s. As a result, we believe the asset class is currently offering an attractive entry point over the medium term given the level of spread and convexity.