Fallen Angels in Focus

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Fallen Angels in Focus

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Brian Funk, CFA Andrew Kronschnabel, CFA Ian Bowman Park Benjamin, CFA Julia Gamburg Nick Marsillo, CFA
AUG 31, 2020

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Fallen angels, or issuers that are downgraded from investment grade (“IG”) to high yield (“HY”), can represent significant risk or reward depending on your vantage point and investment guidelines. The topic has been well researched and tends to come into focus when there is an uptick in leverage and corporate balance sheet stress. In this paper we aim to provide an overview of recent developments in the credit markets, with a focus on fallen angels, including expectations and observations around valuations and the sectors likely to be most impacted.