High-Yield and Bank Loan Outlook - July 2015

The energy sector represents an attractive opportunity to invest in high yielding securities, but investors must consider the sector specific first- and second-order effects of depressed energy prices.

July 14, 2015

Report Highlights

  • The Credit Suisse High Yield and Leveraged Loan indices posted modest gains of 0.3 percent and 0.8 percent in the second quarter of 2015, respectively, bringing year-to-date returns to 2.9 percent in both markets.
  • Tepid year-to-date returns of less than 3 percent across all risk assets including equities, preferreds, bank loans, and high-yield bonds suggest the summer lull has begun. Investors should raise cash positions by selling overpriced assets in preparation for continued weakness over the remainder of the summer.
  • Investors seeking to redeploy capital in undervalued opportunities may still find attractive, credit-worthy investments in the high-yield energy market where average yields of 8.8 percent look attractive against the broad fixed-income universe.


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A Strong Credit Market Shapes the Default Outlook

The stress in this credit cycle is driven by unforgiving high interest rates.

November 10, 2022

Fourth Quarter 2022 Fixed-Income Sector Views

Market and value updates by sector.

November 04, 2022

The Jobs Data Trend Is Duration’s Friend

October jobs data suggests a cooling labor market.


Fed Day: The Argument for 100 Basis Points 

Fed Day: The Argument for 100 Basis Points

Scott Minerd, Guggenheim Partners Global CIO and Chairman of Guggenheim Investments, joins Bloomberg TV on Fed Day.

Macro Markets Podcast 

Macro Markets Podcast Episode 25: Fixed-Income Pain Giving Way to Opportunity

Anne Walsh, Chief Investment Officer for Fixed Income, on the economic and credit cycle, and on risk and opportunity across the fixed-income landscape.

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