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White Papers

Capitalizing on the growth of the global high-yield market

• 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
market.

• 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.

Authors:
Michael Weilheimer, CFA
Jeff Mueller
Kelley Baccei
Steve Concannon, CFA
Will Reardon

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All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

For more information on submitting a white paper, please contact Richard Scanlon at rscanlon@pionline.com or 212-210-0157.