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Distressed spreads for non-distressed bonds: Overcoming the stigma of ‘junk bonds’

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Abstract:

This paper discusses the suitability of high-yield bonds as an asset class for asset managers. The author believes that, despite the current level of spreads which are at a level similar to that following the Milken crisis, current characteristics of the high-yield market show that this asset class offers an attractive opportunity for diversification, especially for optimisation of a bond portfolio. The aim of this study is to point out that, as with all great opportunities, there is a price to pay, in this case, the amount of work and due diligence that one has to carry out before investing successfully in the high-yield bond market.Journal of Asset Management (2001) 1, 267–278; doi:10.1057/palgrave.jam.2240021

Document Type: Research Article

DOI: http://dx.doi.org/10.1057/palgrave.jam.2240021

Publication date: January 1, 2001

pal/jam/2001/00000001/00000003/art00007
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