"Fallen angels" are corporate bonds that received investment-grade credit ratings when they were issued but have since been downgraded to junk. Historically, they have tended to exhibit greater ...

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 underperformed the broad high yield market by 0.56% in Q4 and by 2.44% in 2024 as lower duration and lower quality outperformed. Rising stars outpaced fallen angels in 2024, but at a ...