High yield’s annus mirabilis brings bigger, bolder market

High yield investors thought 2013 would be dull, after the dizzying rally of 2012. They were wrong. Against the odds, the market kept rallying, sucking in issuers from new industries and even from emerging markets. Hopes are high for even more growth in 2014, though as Stefanie Linhardt reports, returns will be more modest, and structures are getting riskier.