The European Bond Markets Today:
Be Selective, Be Risk-Aware

Continued uncertainty and volatility are forcing European bond investors to think on their feet.  But there are ways to generate yield without taking excessive risk. 

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Rules of the Game Have Changed for Euro High-Yield Investors

The European sovereign debt crisis has changed the rules of the game for euro high-yield investors. Fixed-income managers are being challenged to think differently about both the risks and the opportunity set.

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High-Yield Bonds: Are ETFs the Best Vehicle?

High-yield exchange-traded funds (ETFs) have been growing like gangbusters in recent months, despite continued weak performance relative to the indices that they track. While these instruments make sense for investors who make rapid, tactical trades into and out of the asset class, we think they’re a poor choice for those seeking to gain long-term exposure [...]

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High-Yield Bonds: Equity-Like Returns with Lower Risk

On the surface, high-yield bonds look a lot like their relatives in the fixed income world. But in some key respects, high-yield debt acts a lot more like equities than like other bonds. This has some often unappreciated implications for portfolio construction.

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