"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 ...

Fallen angel high yield bonds provide a distinct value proposition that sets them apart from the broad high yield market. The unique performance drivers of fallen angel bonds (systematically buying ...

The positive momentum gained by fallen angels in the final quarter of 2023 carried over into January, surpassing broad high yield by 56bps. Sector-specific weakness may continue to manifest in ...

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 ...