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 ...

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 ...

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, ...