Is high-yield debt overpriced?
Junk bonds may offer attractive returns relative to sovereign debt, but both asset classes are at record low yields. Are investors taking sufficient note of fundamentals?
After a year in which investors poured money into bonds, from sovereign issues to emerging-market debt to high-yield, people are now asking if junk bonds are too expensive in light of the credit risk they pose. Some feel the answer is unquestionably "yes".
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