As we assess potential value in the high yield bond market, we believe it is important to consider both spreads and expected default rates. Current spreads offered by the high yield bond market are well above average and are now …

There have been a number of reasons investors have fled the high yield bond market over the past year, including concerns over interest rates, energy and commodity exposure, liquidity, and defaults. With this sell off, spreads have now increased to …

The decline in credit has been well publicized over the last several weeks, though this decline began months ago. Since the summer, we have seen spreads, a measure of valuation for the high yield market, widen from 400bps to 760bps1 …

Oil has once again broken the $40 level, and then swiftly broke $35.  This recent leg down in oil has taken a toll on the high yield market given that the energy sector accounts for 13-16% of the high yield …

In our recent piece “The High Yield Bond Market: Facing a Rising Rate Environment, Time to be Concerned?” we discussed why we don’t feel the high yield market is at major risk if rates rise. And as we look toward …

There is no denying Friday was a brutal day in the high yield bond market, as investors seemed to be spooked by the freezing in redemptions and liquidation of the Third Avenue Focused Credit Fund, which by all accounts is …

Much attention has been drawn to the lack of liquidity in fixed income markets over the past six months. One of the areas of specific focus has been the high yield exchange traded fund (ETF) space. There is no question …

As an interest rate increase seems to be in the cards for December, so many people seem quick to point out the problems this can present for the high yield market. However we don’t believe that these potential “problems” are …