Focus turns towards high yield debt

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From Archive 29 June 2011

By Ceri Jones

Benjamin Conquet, BNP Paribas Investment Partners

The all time highs enjoyed by corporate bonds over the past couple of years may be over, but the sector still offers attractive yield-based returns.

Bond returns have been fantastic for the last two years, with high yield delivering over 60 per cent in 2009, and a still-attractive 15 per cent last year. Any remaining scope for spread contraction is therefore limited, and the market has consequently become yield-based, with fund managers managing down their clients’ expectations towards mid-single digit returns.

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Focus turns towards high yield debt

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