{"id":21939,"date":"2025-03-07T10:58:51","date_gmt":"2025-03-07T09:58:51","guid":{"rendered":"https:\/\/latribune.lazardfreresgestion.fr\/?p=21939"},"modified":"2025-03-07T10:58:51","modified_gmt":"2025-03-07T09:58:51","slug":"high-yield-proves-resilient-to-rising-interest-rates","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/","title":{"rendered":"High Yield proves resilient to rising interest rates"},"content":{"rendered":"<h2>Chart of the Week<\/h2>\n<p>Since the beginning of February 2025, some tensions have emerged in European bond markets. On 5 March, benchmark rates notably surged following Ursula von der Leyen&#8217;s announcement of the \u20ac800 billion &#8216;ReArm Europe&#8217; plan.<\/p>\n<p>It\u2019s worth noting that this movement had a limited impact on the European High Yield market, unlike other market segments which proved more sensitive to it.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-21940 size-full\" src=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/03\/GDS0703En.png\" alt=\"\" width=\"1879\" height=\"776\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/03\/GDS0703En.png 1879w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/03\/GDS0703En-300x124.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/03\/GDS0703En-1024x423.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/03\/GDS0703En-768x317.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2025\/03\/GDS0703En-1536x634.png 1536w\" sizes=\"auto, (max-width: 1879px) 100vw, 1879px\" \/><\/p>\n<h3><b>OUR <\/b><b>ANALYSIS<\/b><\/h3>\n<p>The events of 5 March showcased the High Yield segment&#8217;s ability to withstand certain shocks. This market has particularly benefited from the short average maturity of its securities (currently under 4 years), which makes it relatively less sensitive to the risk of rising interest rates. In contrast, other segments are more vulnerable due to their longer maturities.<\/p>\n<p>European High Yield also benefited from a narrowing of spreads (-14 bps on 5 March). Markets viewed the &#8216;ReArm Europe&#8217; plan as a form of fiscal stimulus favourable to European growth, hence the tightening of spreads in the High Yield segment, which coincided with a positive trend in European equities.<\/p>\n<p>***<\/p>\n<p>Written on 7 March 2025. This is not an investment advice. Opinions subject to change.<\/p>\n<p>See also: <a href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/us-inflation-fears-resurface-among-consumers\/\">https:\/\/latribune.lazardfreresgestion.fr\/en\/us-inflation-fears-resurface-among-consumers\/<\/a><\/p>\n<p>This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS. LAZARD FRERES GESTION \u2013 a simplified joint stock company with share capital of \u20ac14,487,500 \u2013 Paris Trade and Companies Registry No. 352 213 599. 25, RUE DE COURCELLES \u2013 75008 PARIS, FRANCE<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the Week Since the beginning of February 2025, some tensions have emerged in European bond markets. On 5&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":21499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[2677,1928,2563],"class_list":["post-21939","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week","tag-european","tag-high-yield-bonds","tag-rates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>High Yield proves resilient to rising interest rates<\/title>\n<meta name=\"description\" content=\"Since the beginning of February 2025, some tensions have emerged in European bond markets.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Yield proves resilient to rising interest rates\" \/>\n<meta property=\"og:description\" content=\"Since the beginning of February 2025, some tensions have emerged in European bond markets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/\" \/>\n<meta property=\"og:site_name\" content=\"Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"article:published_time\" content=\"2025-03-07T09:58:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/11\/Markets-3-usage-edito-scaled.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1709\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lazard Freres Gestion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:site\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lazard Freres Gestion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/\"},\"author\":{\"name\":\"Lazard Freres Gestion\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\"},\"headline\":\"High Yield proves resilient to rising interest rates\",\"datePublished\":\"2025-03-07T09:58:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/\"},\"wordCount\":293,\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Markets-3-usage-edito-scaled.jpg\",\"keywords\":[\"European\",\"High yield bonds\",\"rates\"],\"articleSection\":[\"Chart of the week\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/\",\"name\":\"High Yield proves resilient to rising interest rates\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Markets-3-usage-edito-scaled.jpg\",\"datePublished\":\"2025-03-07T09:58:51+00:00\",\"description\":\"Since the beginning of February 2025, some tensions have emerged in European bond markets.\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/high-yield-proves-resilient-to-rising-interest-rates\\\/#primaryimage\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Markets-3-usage-edito-scaled.jpg\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2024\\\/11\\\/Markets-3-usage-edito-scaled.jpg\",\"width\":2560,\"height\":1709},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"name\":\"Tribune Lazard Fr\u00e8res Gestion\",\"description\":\"Blog\",\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\",\"name\":\"Lazard Fr\u00e8res Gestion\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"width\":5000,\"height\":5000,\"caption\":\"Lazard Fr\u00e8res Gestion\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/LazardGestion\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/lazard-freres-gestion\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCI1a03ScxMW6clPl82UO_tQ\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\",\"name\":\"Lazard Freres Gestion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"caption\":\"Lazard Freres Gestion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"High Yield proves resilient to rising interest rates","description":"Since the beginning of February 2025, some tensions have emerged in European bond markets.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/","og_locale":"en_US","og_type":"article","og_title":"High Yield proves resilient to rising interest rates","og_description":"Since the beginning of February 2025, some tensions have emerged in European bond markets.","og_url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/","og_site_name":"Tribune Lazard Fr\u00e8res Gestion","article_published_time":"2025-03-07T09:58:51+00:00","og_image":[{"width":2560,"height":1709,"url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/11\/Markets-3-usage-edito-scaled.jpg","type":"image\/jpeg"}],"author":"Lazard Freres Gestion","twitter_card":"summary_large_image","twitter_creator":"@LazardGestion","twitter_site":"@LazardGestion","twitter_misc":{"Written by":"Lazard Freres Gestion","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/#article","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/"},"author":{"name":"Lazard Freres Gestion","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c"},"headline":"High Yield proves resilient to rising interest rates","datePublished":"2025-03-07T09:58:51+00:00","mainEntityOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/"},"wordCount":293,"publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/11\/Markets-3-usage-edito-scaled.jpg","keywords":["European","High yield bonds","rates"],"articleSection":["Chart of the week"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/","name":"High Yield proves resilient to rising interest rates","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/#primaryimage"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/11\/Markets-3-usage-edito-scaled.jpg","datePublished":"2025-03-07T09:58:51+00:00","description":"Since the beginning of February 2025, some tensions have emerged in European bond markets.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/high-yield-proves-resilient-to-rising-interest-rates\/#primaryimage","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/11\/Markets-3-usage-edito-scaled.jpg","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2024\/11\/Markets-3-usage-edito-scaled.jpg","width":2560,"height":1709},{"@type":"WebSite","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","name":"Tribune Lazard Fr\u00e8res Gestion","description":"Blog","publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/latribune.lazardfreresgestion.fr\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization","name":"Lazard Fr\u00e8res Gestion","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","width":5000,"height":5000,"caption":"Lazard Fr\u00e8res Gestion"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/LazardGestion","https:\/\/www.linkedin.com\/company\/lazard-freres-gestion\/","https:\/\/www.youtube.com\/channel\/UCI1a03ScxMW6clPl82UO_tQ"]},{"@type":"Person","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c","name":"Lazard Freres Gestion","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","caption":"Lazard Freres Gestion"}}]}},"_links":{"self":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/21939","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/users\/101016"}],"replies":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/comments?post=21939"}],"version-history":[{"count":1,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/21939\/revisions"}],"predecessor-version":[{"id":21942,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/21939\/revisions\/21942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media\/21499"}],"wp:attachment":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media?parent=21939"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/categories?post=21939"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/tags?post=21939"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}