"Fallen angels" are corporate bonds that received investment-grade credit ratings when they were issued but have since been downgraded to junk. Historically, they have tended to exhibit greater ...

Fallen angels began 2025 on a positive note, outperforming the broad high-yield market by 0.10% (1.48% vs. 1.38%). The 10-year U.S. Treasury yield fluctuated throughout the month, peaking at 4.79% ...

We expect an uptick in fallen angel activity in 2025, mainly due to idiosyncratic factors rather than systematic weakness. Fallen angels outperformed the broad high yield market by 0.17%, benefiting ...

2024 returns will likely be driven by carry, with sector and quality differences driving potential outperformance versus broad high yield. An uptick in fallen angels may provide further support. Last, ...

After essentially completing a market cycle in just three quarters in 2020, high yield spreads are back below historical averages and yields are as low as they’ve ever been. High yield investors may ...