All High Yield articles
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White papersQ1 2025 Taxable Municipals Market Review and Outlook
Q1 returns in the taxable municipal market were strong—but not for the reasons you might expect. While falling Treasury yields boosted performance, policy-related risks and technical pressures raised questions about where valuations go from here.
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White papersWhy Allocate to Global High Yield in a Balanced Portfolio?
Global High Yield (GHY) has matured from being a US-centric, niche exposure to a globally diversified, highly rewarding asset class worth investing in. With over $2 trillion* in outstanding bonds, HY plays a key role in income portfolios across pension funds, insurers, and sovereign wealth funds.
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White papersCorporate Spreads. Shifting Patterns and Opportunities
European high-yield companies are benefiting from political initiatives, structural advantages, and clearer market predictability. Recent spread volatility presents attractive opportunities, while strategic reallocations aim to enhance portfolio resilience. Europe currently offers greater stability and competitive yields.
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White papersIs EM Local Debt Benefiting From ‘America First’?
Emerging markets local debt is regaining momentum, fueled by shifting U.S. policy.
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White papersPrivate Markets, Edition May 2025: Our semi-annual insights into private markets
While the current market landscape remains fluid, increased macro uncertainty and unpredictable policy measures has led to heightened probability of a potential recession and turn in the credit cycle. Private credit markets are not immune to these challenges.
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White papers3 Global High Yield Myths That Just Don’t Hold Up
A source of return, yield and diversification, GHY merits serious consideration for most fixed income portfolios but doubts remain for some investors. We challenge three common GHY myths and explain why it makes sense for most investors to consider an indexed approach in GHY.
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White papersFinding the Sweet Spot in the Private Equity Capital Stack
“Capital solutions” has become a catch-all moniker within private markets, leaving many asset allocators to scratch their heads as to what these funds actually do and the risks they take.
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White papersUS market is a good proxy for global high yield
While a global approach provides advantages for many fixed income sectors, the benefits are less clear for high yield.
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White papersGlobal High Yield Credit Engagement Annual Report 2024
This year’s Global High Yield Credit Engagement – formerly called SDG Engagement High Yield Credit – annual report offers a deep dive into the engagement undertaken throughout the course of the year, as well as providing crucial performance insights:
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PodcastThe High Yield Playbook: Positions and Possibilities
The credit market is transforming, and investors are looking ahead to seize the best opportunities in non-investment grade credit. With wider spreads, tariff-induced inflation, and moderating growth, opportunities in high-yield bonds, loans, and CLOs are reshaping fixed income strategies.
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White papersDefault Not in Our Stars
We don’t think tariffs will cause a major spike in high-yield and loan defaults, and that means current spreads and yields look attractive.
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PodcastTalking Heads – Generating income, protecting capital in bonds
Daniel Morris, Chief Market Strategist, sits down with Olivier De Larouziere, CIO of Fixed Income, to discuss some of the recent moves in global bond markets.
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White papersCorporate Hybrids. Subordinated Bonds, Superior Diversification
Corporate Hybrid Bonds offer a compelling diversification opportunity. Unlike CoCos, Hybrids exhibit lower volatility, stronger incentives for first-call redemption, and cash-cumulative coupon deferral, making them a more stable and liquid option. With imperfect correlation to CoCos, hybrids can further enhance portfolio resilience, especially amid market disruptions.
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White papersBond market volatility presents more opportunities for multi-asset investors
Central bank policy, rising geopolitical tensions and escalating concerns around the global macroeconomic backdrop have together caused considerable equity market volatility as well as a significant repricing in the fixed income universe.
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White papersFixed Income Perspectives Q2 2025
Quarterly macro and market insights from Capital Group’s fixed income team
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White papersFixed income update: Bonds reclaim role as a volatility buffer
High-quality bonds are an important portfolio diversifier in uncertain markets
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White papersHigh Yield’s Eye-Catching Spreads
We believe a yield advantage and improved credit quality make high yield worth a look.
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White papersM&A Renaissance. Exploring Fixed Income Opportunities
M&A activity, which is growing among IG and HY issuers, is driven by expectations of lower funding costs and a weak macroeconomic environment. This trend, which is set to strengthen, generates investment opportunities in new bond issues, often priced at a discount, to be evaluated with rigorous analysis to select the most promising opportunities.
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White papersHas US high yield been impacted by recent market volatility?
The US High Yield (‘HY’) market has so far demonstrated resilience throughout the current period of recent market volatility. For the HY asset class, a low, positive GDP environment can potentially offer a constructive environment. Short duration approaches should offer a nice balance of potential outcomes.
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White papersFive factors for long-term investors considering high yield
Since Covid-19 disrupted markets in early 2020, high yield has been one of the best-performing fixed income sectors. In fact, it has significantly outpaced the Bloomberg US Aggregate Index (and Global Aggregate Index), US corporate bonds, emerging markets bonds and securitised credit — and by a wide margin.
