• High-yield bonds occupy a special capital market niche: They have offered significantly better risk-adjusted returns than equities and lower interest-rate sensitivity than the broad fixed income
• Non-U.S. issuers have grown from a negligible amount 20 years ago to almost half of a $2 trillion global high yield market.
• Adding non-U.S. high-yield issuers to a portfolio provides expanded opportunities for alpha and diversification compared with investing in just one region.
Michael Weilheimer, CFA
Steve Concannon, CFA
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