Pareto High Yield Weekly 18 May 2026-05/18/2026

Research evidence excerpt

Pareto High Yield Weekly 18 May 2026-05/18/2026

Pareto High Yield Weekly

18 MAY 2026

Pareto High Yield Weekly 18 May 2026

Please find the full High Yield Weekly report here

• The Nordic high-yield market saw a somewhat quieter week last week, with three transactions priced and one

new mandate announced, as the Ascension Day holiday on Thursday shortened the trading week. The trend from

recent weeks continued, with transactions pricing well inside initial price talk, while the energy sector maintained

strong momentum. Secondary market activity also remained elevated, with strong trading volumes across the

board

• European high-yield issuance year-to-date stood at approximately EUR 55bn, running ~EUR 1.3bn ahead of the

same period last year. Government bond yields rose during the week, with the 10Y US Treasury reaching 4.59%,

up 24bps over the week, as wardriven inflation concerns intensified. Equity markets were mixed, with the S&P

500 and OSEBX up 0.1% and 2.4% respectively during the week, while the Euro Stoxx 600 ended 0.9% lower.

European high-yield markets nevertheless showed resilience, with the iTraxx Crossover index at 282bps,

marginally wider over the week and well inside the ~362bps peak seen in late March

• Looking ahead, with a full trading week ahead and a pipeline that continues to build, the Nordic high-yield market

showed no signs of slowing down, with several mandates advancing towards announcement and ongoing

transactions moving towards execution

Primary

Last 10 syndicated non-financial high yield bond transactions under Nordic documentation

Pricing Date Issuer Status Sector CCY Amount Tenor Coupon Issue Price Pareto

13/05/26 Empresa Naviera Elcano Sr Unsec Shipping USD 115 4.0 9.75% 97.00%

12/05/26 Bluewater Holding B.V.