Help! These Fallen Angels Have Fallen and They Can't Get UpBy
The population of fallen angels—or corporate bonds that were once rated investment grade but have since come plummeting down to junk-rated territory—has been swelling in recent months
Stubbornly low oil prices that have tipped some formerly investment grade-rated energy companies into high-yield territory are responsible for most of the downgrades, with fallen angels now comprising $22 billion of the $52 billion in securities eligible to join the Bloomberg Global High Yield Corporate Bond Index this month.
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