In its 2013 investment outlook, BlackRock says price gains that higher-yielding bonds have seen in recent years are unlikely to last. High-yield investors, they say, should invest for income only and not count on capital appreciation going forward. The high yield on these fixed-income instruments are offering a safety cushion against increases in interest rates. For example, BlackRock notes that it took an increase of just 15 basis points to cause a price decline and eliminate a year's worth of yield in November. However, it took a 178 basis-point yield increase to have the same effect on U.S. utility high-yield bonds.