Value to be had in high-yield bonds

With the sector now pricing in a recession, there is currently a great deal of value to be had from high-yield bonds. Even before the catastrophic events in the US, high-yield bonds were running at close to record levels of default. As a consequence, while the risks have clearly increased, the potential uplift from firmer economic data and improving investor sentiment ' when it comes ' will really be something worth seeing. Prior to the recent tragedy in the US, the worst possible news ' as far as we could image it then ' was already priced into the bond market. Given the improvem...