"Fallen angels" are corporate bonds that received investment-grade credit ratings when they were issued but have since been downgraded to junk. Historically, they have tended to exhibit greater ...
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.
Wider spreads have driven fallen angel yields above 7%, their highest levels since mid-2025. Yields versus broad high yield have narrowed significantly, with ANGL, yielding 6.73%*. Two large fallen ...
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