The Bloomberg Barclays U.S. High Yield 2% Issuer Capped Bond Index is a component of the U.S. Corporate High-Yield Bond Index, which covers the universe of fixed-rate, non-investment-grade corporate debt of issuers in non-emerging market countries. It is not market capitalization-weighted; each issuer is capped at 2% of the index. The confluence of these factors could lead to temporary market disorder, causing larger price declines than pure fundamentals would dictate given the supply-demand imbalance for high-yield bonds. Notably, the high yield segment of the municipal bond market returned 2.73% during the quarter. . Yields across the tax-free curve moved lower, with the intermediate and long portions experiencing the largest decreases in rates. On average, rates declined more than 30 basis points during the second quarter. The high yield bond market saw option-like returns in 2009. Total returns exceeded 70% in that year. Admittedly we saw the recovery come after some very depressed valuations into the end of 2008. Spreads were at their all-time wides on the back of the crisis and in 2008, there was zero issuance. High Yield Corporate Bond Issuance. The bar graphs and tables below illustrate the trend in the growth and trends in corporate bond issuance in the euro-denominated bond market. i) HY Corporate Bond Issuance Since 2003 Analysts commonly opine that the high-yield market is cheap because its spread is. wider than—or expensive because its spread is narrower than—the historical average. The spread is a risk premium, however, so if the prevailing risk is greater than aver-. age, a wider-than-average spread is appropriate.

trailing the benchmark JPMorgan Developed High. Yield Index. What was the market environment like for high- yield bonds during the fourth quarter of 2019?

High yield bond: Corporate bonds rated below BBB- or Baa3 by established rating agencies. Interest rate risk: When interest rates rise, the market value of fixed-income securities (such as bonds) declines. Similarly, when interest rates decline, the market value of fixed-income securities increases. In addition, high yield bond investments have historically offered similar returns to equity markets, but with lower volatility. High yield bonds – defined as corporate bonds rated below BBB− or Baa3 by established credit rating agencies – can play an important role in many portfolios.

| Commentary U.S. high-yield bond market sector commentary developments closely. High-yield fundamentals, while showing some deterioration, remain strong, as does the technical environment for the asset class. From an industry perspective, we remain overweight select cyclicals (services, lodging), metals (copper) and financials.

Our knowledgeable investment team focuses primarily on high-yielding, lower- rated corporate bonds (those rated BB or below; these are commonly referred to   5 days ago Issuers from energy-related sectors account for a large proportion of the U.S. high yield bond market, so the plummeting oil prices suddenly put  10 Mar 2020 High-yield bonds offer investors higher interest rates and higher long-run returns than investment-grade bonds. On the downside, junk bonds are 

Fund Commentary - Allianz Dynamic Asian High Yield Bond The Asian USD high yield bond market returned 0.71%1 in December, driven by high interest 

7 Oct 2019 Among corporate bonds, the investment-grade market outperformed high yield this past quarter as investment-grade bonds generally have a  17 Dec 2019 Investment grade and high yield bonds were two of the top-performing asset classes, taking advantage of lower interest rates and tightening  18 Nov 2019 A mass descent into the high-yield market—bonds rated BB+ and below—could fuel fire sales in portfolios that are prohibited from holding lower- 

Underweight high-yield bonds. The yield advantage they offer relative to Treasuries is low, while corporate profit growth poses a risk in 2020. Investors also should move up in quality in investment-grade corporate bonds, focusing on bonds with “A” ratings or above. Consider higher-rated municipal bonds with maturities in the five- to eight-year range.

7 Jan 2020 High yield bonds are more speculative, with a credit rating below investment grade.) Emerging market bonds saw good returns. Local currency  Asset management firm seeks to expand co-portfolio management structure to reinforce investment processes and ensure succession planning. Gundlach  Our knowledgeable investment team focuses primarily on high-yielding, lower- rated corporate bonds (those rated BB or below; these are commonly referred to  

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