Tim Leary joins us on the BlueBay Insights podcast to update on high yield’s positive summer run, what might be to come in the default cycle and how influential ESG really is to leveraged finance investors.We asked Tim:High yield has had an encouraging summer run – July proved to be a notable month for the US market, which registered its largest monthly gain since October 2011. Has the investment opportunity largely topped out for the year or are you still seeing value?The second-quarter earnings season seemed broadly upbeat for high-yield companies – did any sectoral themes or surprises emerge in line with announcements?Moving onto the topic of defaults, we saw an initial wave in the early days of the pandemic, but things appear to have stabilised now. Could you talk us through your expectations for the shape of the default cycle?With ESG being both part of the BlueBay investment philosophy and a high-profile industry focus, can you comment on how important is it for you as an active investor in the high-yield market?Finally, could you talk us through any big risks or watchpoints that are on your investment horizon for the remainder of the year?

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