A fallen angel is a bond downgraded from investment-grade to junk status due to a decline in the issuer's financial stability ...

Fallen angels underperformed the broad high yield market in October by 0.29%, driven mostly by the rise in rates throughout the month, increasing the YTD underperformance to 2.14%. In October, fallen ...

We assess the performance of FAs since Covid using the FTSE Time-Weighted Fallen Angel Bond Index (TWUSFA), which captures critical timing effects. We find a more favourable risk/return profile in FAs ...

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, ...