Fallen angels are bonds downgraded from investment grade to high yield, often creating forced selling and potential credit dislocations. Historical data shows fallen angels can recover after downgrade ...
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, ...
Fallen angels outperformed broad high yield by 1.23% in Q2 2026 (3.69% vs. 2.46%), recovering the YTD lead to +0.44%.