High yield spreads are at their highest point of the year and the S&P 500 is down nearly 4% over the past month. Nobody panic! 

Maybe just take a deep breath instead, and put things in perspective. 

“The market is still pretty good, it’s just taking step backwards,” said a leveraged finance banker. “Repricings may get put on hold, but stuff can still get done.”

To that end, there are no new high yield issuances currently in market, according to 9fin’s tracker. Loan deals have been popular (we talked about why loans are in favor over bonds these days in last week’s wrap) thanks to strong buyside demand, but that market is quietening down.

“The market is definitely de-risking,” said a buyside analyst. “There’s just so much uncertainty in the macro picture right now, and it’s not a great environment for deals.”