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 underperformed the broad high yield market in October by 0.29%, driven mostly by the rise in rates throughout the month, increasing the YTD underperformance to 2.14%. In October, fallen ...

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 ...