This article discusses the market trends for high yield debt offerings in 2018, including notable transactions, deal structure and process, deal terms, disclosure trends, and industry insights, and provides a market outlook for 2019. After a strong and steady 2017, volatility returned to the U.S. high yield market, particularly in the second half of 2018. 2018 started strong with $64.3 billion of high yield issuances in the first quarter but turned negative as the year progressed, with issuances effectively halting in the fourth quarter. High yield volume decreased significantly from $284.2 billion in 2017 to $173.0 billion in 2018. Overall, 2018 saw the lightest annual issuance volume since 2009.