Investors catch fallen angels

摘要

High-yield investors in search of bargains and liquidity have embraced a US$130bn wave of fallen angels, but analysts are warning against complacency as the potential list of casualties grows.A big fear in corporate credit in recent years has been that a flood of fallen angels - companies downgraded from investment grade to junk ratings - would swamp the high-yield indices and lead to forced selling and a meltdown in the bond market.