This year’s edition of the High-Yield Debt volume in the Lexology Getting The Deal Through series is published at a time when conditions in the global high-yield market have been fairly volatile with market windows opening and closing due to a variety of factors. The US market was the most strongly affected by rising interest rates whereas interest rates in Europe remained at their historic low levels. Negative investor sentiment in the US market affected investor sentiment in both Europe and emerging markets. High-yield issuance levels in the United States, Europe and emerging markets all unexpectedly declined in 2018 relative to 2017. The high-yield market essentially shut down for the last two months of 2018 and that lasted into 2019 in part due to the US government shutdown.