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Distressed spreads for non-distressed bonds: Overcoming the stigma of ‘junk bonds’

Author

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  • F Frick

    (Unigestion Asset Management)

Abstract

This paper discusses the suitability of high-yield bonds as an asset class for asset managers. The author believes that, despite the current level of spreads which are at a level similar to that following the Milken crisis, current characteristics of the high-yield market show that this asset class offers an attractive opportunity for diversification, especially for optimisation of a bond portfolio. The aim of this study is to point out that, as with all great opportunities, there is a price to pay, in this case, the amount of work and due diligence that one has to carry out before investing successfully in the high-yield bond market.

Suggested Citation

  • F Frick, 2001. "Distressed spreads for non-distressed bonds: Overcoming the stigma of ‘junk bonds’," Journal of Asset Management, Palgrave Macmillan, vol. 1(3), pages 267-278, January.
    • Handle: RePEc:pal:assmgt:v:1:y:2001:i:3:d:10.1057_palgrave.jam.2240021
    DOI: 10.1057/palgrave.jam.2240021
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