Euro High Yield: Defaults Are Not the Biggest Concern

High-yield default rates have been unusually low over the past couple of years and now look as though they are on the cusp of a reversal. But default rates in themselves could be less damaging to high-yield bond returns than rising government bond yields.

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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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