have by-laws that prohibit investing in bonds which have ratings below a particular level. As a result, the lower-rated securities may have a different institutional investor base than investment-grade bonds.

U.S. market and indices

U.S. high-yield bonds outstanding as of the first quarter of 2022 are estimated to be about $1.8 trillion, comprising about 16% of the U.S. corporate bond market, which totals $10.7 trillion. New issuances amounted to $435 billion (~$ in ) in 2020.

Indices

1.Previous
3.Next