Higher Quality High Yield: Addition by Subtraction

Has high yield become “investment grade-light”? In our recent white paper, our Strategic Income Team examines the evolution of the fixed income markets since the Great Financial Crisis. The key takeaways from their analysis are:

• The credit quality of the high yield market has increased substantially
• The majority of weaker borrowers now obtain financing in the private credit markets
• Despite their improved credit profile, high yield bonds continue to deliver attractive returns

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