The high yield bond market was down 4.6% for 2015, making this only the sixth time we have seen the market post a negative calendar year return in its nearly thirty years of existence and the third worst year on …

The entire U.S. fixed income market (municipals, Treasuries, mortgages, corporates, federal agency bonds, money market, and asset back securities) totals $39.6 trillion.1 Corporate credit is about $8.2 trillion of this pie. The high yield bond market is a growing piece …

There is no doubt that liquidity has moved to the forefront for investors in the high yield market.  In our commentary last week we looked at the concept of liquidity and how post-financial crisis regulations have impacted dealer inventory, but …

Liquidity is generally defined as the ability to purchase or sell an asset without causing a dramatic change in price. However, this definition can be misleading as throughout the history of markets, we have seen securities trade with big price …

As we look at today’s high yield market, we are seeing a bifurcated market, and opportunity, in terms of the various ratings categories. During 2015, CCC credits were down 12%, or down 8.3% excluding commodities, while BBs were down just …