We explore the factors that may contribute to 2023 returns, including interest rate policy and its effect on the real economy, bond market expectations, and the impact of the yield curve. Fallen ...

Fallen angels are bonds downgraded from investment-grade to non-investment-grade ratings. These bonds tend to experience forced selling from institutional investors. Buyers can profit by buying fallen ...

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% ...

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, ...