Fewer fallen angels as high yield universe shrinks to squeeze pricing
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LevFinLevFin High Yield Bonds

Fewer fallen angels as high yield universe shrinks to squeeze pricing

Fallen angel 230x140

Fallen angels — corporate borrowers that lose their investment grade ratings — have become a key source of supply in global high yield bonds markets over the years. But there are signs that, particularly in Europe, such supply is ebbing away as corporate balance sheets improve. This is driving HY investors elsewhere to seek new credits.

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