"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 ...

We expect an uptick in fallen angel activity in 2025, mainly due to idiosyncratic factors rather than systematic weakness. Fallen angels outperformed the broad high yield market by 0.17%, benefiting ...

Fallen angels began 2025 on a positive note, outperforming the broad high-yield market by 0.10% (1.48% vs. 1.38%). The 10-year U.S. Treasury yield fluctuated throughout the month, peaking at 4.79% ...

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. Last, ...