The high-yield bond market has rebounded from April's tariff-driven sell-off, with US spreads having tightened and European yields holding steady. But investors are being kept on their toes: US policy risks continue to fuel volatility, while divergent dynamics are at play across regions-as-well-as-sectors. Sander Bus and Christiaan Lever discuss the present market environment and the key question: will their quality bias pay off?