(Harvest) Along with many asset classes, so-called “junk” bonds are experiencing a year of unparalleled tranquility. Indeed, the Bank of America U.S. High Yield Index is trading in the tightest spread range of the past 20 years, with a high-to-low range in spreads of only 71 basis points (bp) year to date, while the range has been 123 bp for the Bank of America European High Yield Index. This compares to an average of 481 bp for the U.S. index over the last 10 years, since the start of the Global Financial Crisis.
A Most Unusual Cycle – The Shrinking of the High-Yield Market
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