Is this the fixed income market's bright spot?

Sterling high yield bond funds are defined as those which invest at least 80% of their assets in sterling denominated (or hedged back to sterling) below BBB minus fixed interest securities (as measured by Standard and Poor's or an equivalent external rating agency). This includes unrated bonds but excludes convertibles, preference shares and permanent interest-bearing shares.  The core areas for investment in fixed interest are government debt and corporate debt, with the latter split between investment grade and high yield. Other options also include emerging market debt and inflation l...