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A decade of change in global high yield

Globalisation and the rise of new instruments, credit quality and sustainability made the last decade one of significant evolution for the high-yield market – and for our team investing in this asset class.

To mark the 10th anniversary of our Global High Yield Credit capability, we compiled what we believe are the top 10 pivotal changes in this asset class over the past decade, and recorded a live episode of Delta to discuss these trends while inviting questions from listeners.

In episode 12, Andrew ‘Jacko’ Jackson, Head of Fixed Income, and Fraser Lundie, Head of Credit, outline these 10 developments before focusing on the most impactful shifts and considering what the high-yield market offers active investors in the current environment.

Having anticipated many of the changes that have shaped the high-yield market in the last decade, Lundie also discusses his expectations for the future.

“Up until now, I would say the asset class is very much embedded in the fixed-income world from the point of view of asset allocation, and I think that is one thing that is likely to change in the coming years,” Lundie says.

“It could be that the coronavirus period is a catalyst for this change. It has already brought about a crisis in dividends, and I wouldn’t be surprised if high yield emerges as something of white knight to the dividends crisis.”

What made our top 10, and what’s coming next? To find out, tune in to Delta.

See our podcast guide on how to download our podcasts on your phone.

 

Got a question?

In each episode of Delta, Andrew and his guests answer a front-of-mind question from listeners in a regular feature, ‘All options on the table’. Enter yours below.

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