The writer is a bond portfolio manager at Barksdale Investment Management and editor of The Credit Investor’s Handbook Back in the 1980s, when Michael Milken helped foster an appetite for higher risk-reward corporate bonds, junk bonds became the fun asset class with volatility and bankruptcy workouts featuring sharp elbows and big egos.
Lower-rated bond issuance subsequently declined, a trend that accelerated recently with the quantitative tightening era as interest rate rises meant less need to search for yield. CCC-rated bonds accounted for only 6 per cent of the last 18 months of high-yield bond issuance. So if you’re waiting for a huge default wave to trash the high-yield bond market, you could be disappointed, as the low percentage of CCC issuance over the past few years is likely to cap distress.
Portugal Últimas Notícias, Portugal Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Fonte: sportbible - 🏆 89. / 53 Consulte Mais informação »