High yield - a label, not a characteristic


Not only have yields and spreads in the Euro high yield market continued to move lower and lower, but over time, its structure has also experienced significant changes. We consider whether the term “high yield” is now just a label rather than a feature.

This paper puts current levels of the Euro high yield index into perspective but also compares the different impacts that credit rating dynamics are having on the high yield index compared to its investment grade counterpart.

What can we take from the current level of yields in the market?

The value of investments will fluctuate, which will cause prices to fall as well as rise and investors may not get back the original amount they invested.

Read the paper

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