The harder the fall, the bigger the bounce back.
That has been the story for junk bonds so far this summer: the sector for the lowest quality corporate credit retains its standing as the only area of US fixed income in positive performance territory for 2013.
With US Treasury and investment grade corporate credit still under water this year, the divergent performance within the bond market suggests investors are betting on junk being best positioned to benefit from a pick-up in the US economy while absorbing the negative impact of higher interest rates.
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