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 ...

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 ...

The positive momentum gained by fallen angels in the final quarter of 2023 carried over into January, surpassing broad high yield by 56bps. Sector-specific weakness may continue to manifest in ...