High-yield spreads have declined throughout 2016. The broader index has shown a far less dramatic drop relative to its energy and metals and mining subgroups. Much of this decline can be attributed to the demand for higher yield as equity markets grow more uncertain and yields on higher quality issues have fallen. Despite falling spreads, default rates have been high relative to recent years, most notably among energy- and commodity- related issues. Through the second quarter, 88 issues rated by Moody's have defaulted this year, 40 of which were oil and gas related and 14 related to metals and mining issues.