Energy and Exploration & Production as Proportion of High Yield Is a market carnage coming? Energy accounts for a significant portion of the U.S. high-yield market, with a share of about 14%. Image: Deutsche Bank
High Yield Spread to Worst Is the panic over for high-yield bond investors, as global coronavirus fears intensify? Image: J.P. Morgan
Duration in Investment Grade and High Yield Corporate Bond Indices While yields on junk bonds are at record lows, average durations have been shortening for HY bonds and increasing for IG bonds since the 2000’s. Image: Deutsche Bank Global Research
S&P 500 Total Return Index and U.S. High Yield/High Grade Chart suggesting a bullish market that is getting stretched and vulnerable. Image: BofA Global Investment Strategy
High-Yield Credit Returns A good year for high-yield credit returns, but Moody’s has warned that high-yield bonds appear to be expensive relative to fundamentals. Image: Financial Times
High Yield CCC-Rated Bonds Consumer-related and technology industries now represent more than one-third of CCC issues. Image: Arbor Research & Trading LLC
S&P 500 Index vs. U.S. High Bond Yield Spread Chart showing the current divergence between U.S. equities and high yield bond spreads, while they are generally correlated. Image: Jeroen Blokland
U.S. High Yield Credit Spreads and Recessions Chart suggesting that there is little recession fear baked into U.S. high yield credit spreads at the moment. Image: J.P. Morgan
U.S. High Yield Bonds and Leverage Loans The pace of downgrades has accelerated in the U.S. leveraged loan market, despite declining interest rates. Image: Goldman Sachs Global Investment Research
U.S. 10Y-2Y Yield Curve and U.S. High Yield Bonds Chart suggesting that high yield prices are not likely to perform well. Image: Morgan Stanley