A fallen angel is a bond downgraded from investment-grade to junk status due to a decline in the issuer's financial stability ...

The positive momentum gained by fallen angels in the final quarter of 2023 carried over into January, surpassing broad high yield by 56bps. Sector-specific weakness may continue to manifest in ...

This year, the fallen angel index has decreased by approximately 36% due to rising stars, compared to an increase of 14% due to new fallen angels. Two fallen angels were added in September, adding ...

2024 returns will likely be driven by carry, with sector and quality differences driving potential outperformance versus broad high yield. An uptick in fallen angels may provide further support. Last, ...