Time to Re-load? Current High Yield Bond Prices Present Long-Term Value

• Risk aversion and energy woes have weighed down the high yield bond sector as a whole
• In many cases, prices trade below fundamental valuations 
• Individual issue selection is of key importance 

Global risk markets have been under pressure lately due to a confluence of factors—weakness in China and other global economies, plunging oil and commodity prices, and the onset of the removal of monetary accommodation by the U.S. Federal Reserve. Against this backdrop, we believe the broad selloff in the credit markets has been excessive relative to underlying fundamentals, resulting in attractive valuations across the European and U.S. high yield markets. Below, we outline several themes that we believe can offer particular value today.

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