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 ...

An unusual recurrence in the markets is the ‘January effect’. This is the phenomenon of downgraded debt consistently outperforming in the first month of the year. This has taken place in 18 out of the ...

Fallen angels outperformed broad high yield by 0.53% YTD, driven by security selection and duration. This marks 15 years of historical outperformance out of the last 22 calendar years*. There were 10 ...

2024 returns will likely be driven by carry, with sector and quality differences driving potential outperformance versus broad high yield. An uptick in fallen angels may provide further support. Last, ...

Fallen angels were nearly twice as likely to default compared with peers that are rated speculative-grade at inception (referred to as original high yield; OHY), according to a study published by ...