J P M O R G A N Europe Credit Research 13 July 2026 High Yield Talking Points Mid-year default wrap We added two bonds with a combined notional of €1bn to our list of European high yield defaults in June, taking the first half total to €3.3bn from 7 issuers. On an annualised basis, the H1 default rate was just 1.4%, down from 2.2% over 2H25. The trailing 12m default rate has fallen sharply over the past year, from 4.0% in Jun-25 to 1.9% at mid-year, though it was largely unchanged on the month. However, thi ...