High yield – high performance?

Barclays
Door september 19, 2017 02:11

High yield – high performance?

In Focus

High yield bonds – sometimes less charitably referred to as junk credit – are fixed income securities with a lower credit rating than investment grade corporate bonds or Treasuries. These bonds are believed to have a higher risk of default; to compensate for this, investors demand a higher yield. Despite having the same payoff structure as a typical fixed income security – in that they make regular coupon payments and commit to repay the full principal to investors on the maturity date – high yield bonds are arguably more similar to equities in terms of risk/return characteristics. Their returns tend to be more pro- cyclical (Figure 1), and are more correlated to equities than traditional fixed income (Figure 2).

Barclays
Door september 19, 2017 02:11

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