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Topic: High yield bond

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	Junk Bond, High Yield Bond
		Based on their credit ratings, corporate bonds are arbitrarily divided into investment grade bonds and junk bonds.
		At the center of his junk bond universe, Milken was engaged is numerous abuses.
		One trick Milken employed frequently was to insist that clients for whom Drexel underwrote junk bonds bundle stock options on their own stock with the junk bonds.
	www.riskglossary.com /articles/junk_bond.htm (2124 words)

	High Yield Bonds
		The bottom line is that high yield bonds - just like any other asset class - should be assessed based on what they have to offer, their realistic risk level, and the current economic environment… not on their name.
		Yet while high yield bonds are less volatile than stocks, they have the capacity to generate the kinds of double-digit returns expected from equities.
		What's more, high yield bonds may not be secured by much in the way of assets, so recovery rates (in the event of liquidation) may prove much lower compared to investment-grade bonds.
	www.investmentu.com /research/highyieldbonds.html (4150 words)

	Encyclopedia: High-yield bond (Site not responding. Last check: )
		When analyzing the risk of a high-yield bond, it is important to keep in mind that the expected return from a basket of high yield bonds should approximate that of a similarly diversified list of high grade bonds.
		The primary difference is that low-rated bonds have a higher expected probability of default, which means that a greater proportion of their expected return comes from interest payments, rather than principal.
		Default swaps, which are essentially a bet that a given company will go bankrupt, did trade at a premium for Enron -- an irony, given that the Houston company was an early pioneer in trading them.
	www.nationmaster.com /encyclopedia/High_yield-bond (731 words)

	High-Yield Bond
		Bonds with ratings above these levels are considered investment grade.Credit ratings can be as low as 'D' (currently in default), and most bonds with 'C' ratings or lower carry a high risk of default; to compensate for this risk, yields will typically be very high.
		All "junk" connotations aside, high-yield bonds are widely held by investors worldwide, although most participate through the use of mutual funds or exchange-traded funds.
		Junk Bonds: Everything You Need to Know - Don't be fooled by the name - junk bonds may be for you if you know how to analyze them.
	www.investopedia.com /terms/h/high_yield_bond.asp (318 words)

	Cincinnati Asset
		HIGH YIELD BOND STRATEGY The key to our long-term over-performance is a more conservative strategy that focuses on total return and the minimization of downside in down markets.
		During the worst environment for High Yield bonds in recent years (in 1990, the Lehman High Yield Index fell 9.59%; the average high yield mutual fund fell 11.08%), our portfolios declined only 1.3%, which allowed us to take advantage of some exceptional values in that bear market.
		High yield bonds may not be suitable investments for all individuals.
	www.cambonds.com (907 words)

	Money Digest: High yield bond funds (Site not responding. Last check: )
		High yield bond funds often invest in investment quality as well as non-investment quality bonds.
		Non-investment quality bonds include junk bonds that are issued by companies that lack sufficient financial stability to command enough confidence from investors.
		By investing in a high yield bond fund (rather than in an individual junk bond), you further reduce your risk of losing your capital.
	www.findarticles.com /p/articles/mi_m0JQR/is_1_13/ai_30356107 (288 words)

	[No title]
		Bonds and other debt obligations are affected by changes in interest rates, inflation risk and the creditworthiness of their issuers.
		In selecting securities for the High Yield Bond Portfolio the manager will consider the ratings assigned by the major rating agencies, but primary reliance will be placed on the manager's evaluation of credit and market risk in relationship to the expected rate of return.
		He has primary responsibility for the management of the High Yield Bond Portfolio, the high yield bond portion of the Asset Allocation Portfolio, and another high yield account for Northwestern Mutual, and is the portfolio manager primarily responsible for the day-to-day management of the American-Century-Mason Street High-Yield Bond Fund.
	www.nmfn.com /tn/investprods--fund_highbond_pg (656 words)

	990302TU: Big Yield Safari #3: High Yield Bond Funds
		Indeed, yields would have to rise to 11.0 percent this year before the total return on the high-yield bond would drop to 5.9 percent.
		If high yield bond yields fell to 9 percent over two years the total return would be 25 percent.
		The granddaddy of high yield bond funds, this fund has a minimum investment of only $1,000 and a relatively modest expense ratio of 0.61 percent.
	www.dallasnews.com /s/dws/bus/scottburns/columns/archives/1999/990302TU.htm (769 words)

	Sentinel High-Yield Bond Fund (Site not responding. Last check: )
		Sentinel High Yield Bond Fund seeks high current income and total return by investing mainly in lower rated corporate bonds that have higher effective interest rates than investment grade bonds.
		High current income from a well-diversified portfolio of high yield corporate bonds.
		High yield securities are subject to higher default risk than investment grade bonds.
	www.sentinelfunds.com /003/003_1j.asp (668 words)

	USATODAY.com - Want more interest? Meet bond, junk bond
		Some high-yield bonds begin life with high interest rates because their issuer's credit ratings are so awful.
		At that point, the bonds have been thoroughly beaten down and yields are high.
		Daniel Fuss, star bond manager at Loomis Sayles, figures that the January housing numbers are probably a bit exaggerated because of warm winter weather on the East Coast.
	www.usatoday.com /money/perfi/columnist/waggon/2006-02-16-junk-bonds_x.htm (912 words)

	high yield debt (Site not responding. Last check: )
		The purpose of the paper is to investigate the role that high yield corporate debt may...
		High yield debt (non-investment grade or junk bond) is a business term referring to a corporate debt instrument, usually...
		The following presentation of the High Yield market is constructed in two segments: (1) an overview of the...
	money-smash.com /articles/26/high-yield-debt.html (870 words)

	Harbor High-Yield Bond Fund Commentary - www.harborfunds.com
		Yield spreads widened considerably during the first quarter, reflecting widespread risk aversion among investors, Flanagan notes.
		Given the severity of credit problems in the U.S., yield spreads may have to widen further before the high-yield market can bottom out and begin to recover, he says.
		Yield spreads widened 205 basis points to end the quarter at approximately 800 basis points, according to the Credit Suisse High Yield Index.
	www.harborfunds.com /html.page?pageId=managerCommentaryHighYieldBond (655 words)

	RS Investments: High Yield Bond Fund
		Bond funds are subject to interest rate risk, credit risk and prepayment risk.
		Risk characteristics are relative to the Lehman Brothers Corporate High Yield Index as of 3/31/08, and for the three-year period.
		The Fund is the successor to The Guardian High Yield Bond Fund; performance shown includes performance of the predecessor fund for periods prior to October 9, 2006.
	www.rsinvestments.com /gis/funds/hyb.html (1013 words)

	High Yield Bonds
		Advanced Monte Carlo simulation models for the valuation of bonds and options on bonds as well as risk assessments on portfolios of bonds under conditions of correlated interest rate and credit risk are demonstrated.
		In today's explosive environment of multiple new issues and high risk versus return relationships, it is paramount that you get advice from analysts and experts who have been influential in shaping and defining the market.
		HIGH-YIELD BONDS will provide you with a valuable reference to this fascinating and constantly changing class of securities, helping you assemble a stable, diversified portfolio of fixed income investments that provides the greatest returns and the lowest risks.
	www.defaultrisk.com /bk_hyb.htm (323 words)

	SternBusiness Spring/Summer 2001
		Despite the high returns in 1991, however, the high-yield market shrunk rapidly, from a high of $189 billion in 1989 to $163 billion in the middle of 1992.
		At the end of the decade, about $600 billion of high- yield bonds were outstanding, as compared to under $200 billion at the start of the decade.
		CCC-rated bonds were particularly evident in the 1998 cohort, with $9.3 billion representing 10% of all high yield issuance – a jump from previous years.
	www.stern.nyu.edu /Sternbusiness/spring_2001/deja.html (2991 words)

	High yield bond funds - Fixed Income Investing \| Money Digest \| Find Articles at BNET
		High yield bond funds often invest in investment quality as well as non-investment quality bonds.
		Non-investment quality bonds include junk bonds that are issued by companies that lack sufficient financial stability to command enough confidence from investors.
		By investing in a high yield bond fund (rather than in an individual junk bond), you further reduce your risk of losing your capital.
	findarticles.com /p/articles/mi_m0JQR/is_1_17/ai_81469775 (341 words)

	Pax World High Yield Bond Fund \| PAX World Mutual Funds
		The High Yield Bond Fund’s primary investment objective is to seek high current income.
		The High Yield Bond Fund’s investment adviser anticipates that the dollar-weighted average maturity of the fixed income securities in the High Yield Bond Fund’s investment portfolio will be 10 years or less.
		The High Yield Bond Fund may consider selling a particular security if any of the original reasons for purchase materially change, if a more attractive investment is identified, to meet redemption requests, or if a company no longer meets Pax World’s environmental, social or governance standards.
	paxworld.com /funds/high-yield-fund (333 words)

	Random Roger's Big Picture: High Yield Bond ETF
		It would be nice to see a high yield ETF explore international securities as well as the U.S., again at a low cost without churned portfolios.I like the idea of higher yields plus the possibility of currency appreciation.
		However, for an investor who is considering buying and holding a speculative grade (high yield) bond, the relavant statistic is the "survival" rate (or 100%- the cumulative probability of a speculative grade rated (at issuance) bond defaulting within the time horizon in question.
		The takeaway: 1% may correspond to the probability that any given speculative grade bond will default within a year of issuance, but for a buy and hold investor, speculative grade issuances will (if past history is the guide) default during their tenor with a much much higher probability.
	randomroger.blogspot.com /2007/11/high-yield-bond-etf.html (1517 words)

	When high-yield bond carries licence to thrill - Telegraph
		Sub-investment grade is a euphemism for risky; these bonds are issued by smaller and less secure companies and the market fears they may fail to meet interest and capital payments.
		Enthusiasts for high-yield bonds argue that, at this stage in the economic cycle, the rewards outweigh the risks.
		High-yield bonds are still affected by rate rises, but lots of other factors influence their performance.
	www.telegraph.co.uk /money/main.jhtml?xml=/money/2004/09/25/cmfund25.xml (946 words)

	Junk Bond
		A bond rated 'BB' or lower because of its high default risk.
		Junk bonds typically offer interest rates three to four percentage points higher than safer government issues.
		Bond Basics Tutorial - Investing in bonds - What are they, and do they belong in your portfolio?
	www.investopedia.com /terms/j/junkbond.asp (164 words)

	Stingy Investor: Funds
		Among the lower quality, high yield debt issues, performance was even more outstanding as the corporate and high yield bond market has mirrored recent stock market activity.
		Trimark Advantage Bond (now only open to existing unitholders) not only takes a more diversified approach (top five holdings make up less than 12 percent of the fund) but the bonds it buys don't have the same level of credit risk or sector concentration.
		High yield bonds are still a good place to hold some fixed income in this low rate environment but dipping down into distressed debt may no longer hold the return potential it did several months ago.
	www.ndir.com /DH/articles/09092003.shtml (620 words)

	High Yield Bond Fund (Site not responding. Last check: )
		The Premier High Yield Bond Fund invests primarily in a diversified portfolio of high yield, below investment grade, debt securities.
		The fund managers invest in bonds that they believe are likely to be upgraded.
		The Premier High Yield Bond Fund will invest in lower-rated securities commonly known as ‘junk bonds.’ Therefore, investors should carefully consider their ability to assume the risks of owning shares of a Fund that invests in these types of securities.
	www.transamericafunds.com /mod05/mod05-07.html (147 words)

	High-Yield Bond
		The managers of the High-Yield Bond Fund employ extensive credit research and internal credit rating analysis to help identify bond issues and corporate issuers that appear best able to meet their future business needs and debt obligations.
		The portfolio holdings are well-diversified among both industries and bond issuers to help reduce risk in the portfolio as a whole.
		These ratings are due to the insurance on the bonds in the portfolio and not on the funds themselves.
	www.pennmutual.com /pmlwebsite/pages/PML_Public/Main_Content/investperf/variableinvestoptions/bondfunds/highyieldbond/page_1200.html (400 words)

	Payden & Rygel High Yield Investment Strategies
		Payden and Rygel’s high-yield bond strategy seeks to maximize total return by focusing on the upper tier of the high-yield bond market.
		High-yield bonds can provide diversification and yield benefits to an investment portfolio due to their low correlation with both Treasuries and investment-grade corporate bonds.
		The firm focuses on bonds of companies and sectors where cash flow growth and debt reduction is a priority of management.
	www.payden.com /strategies/highYield.asp (378 words)

	High-Yield Bond - 424 - www.harborfunds.com
		This yield, while accurate, includes a risk premium to compensate investors for a potential loss of capital and income.
		Since the fund invests primarily in high-yield bonds, it incurs a higher risk of default on its bond holdings than investment-grade bond portfolios.
		A 30 Day SEC Yield could be equal to 0% if the fund does not have sufficient assets to earn income.
	www.harborfunds.com /fundContent/fundFacts.page?portfolioId=24&shareClass=1 (607 words)

	CNI Charter Funds - High Yield Bond Fund - Class N
		Bond and bond funds will decrease in value as interest rates rise.
		The High Yield Bond Fund is managed by Richard J. Lindquist, CFA, a Managing Director and the head of the high yield management team at HSBC Halbis USA.
		High yield bonds involve greater risks of default or downgrade and are more volatile to investment grade securities, due to the speculative nature of their investments.
	www.cnicharterfunds.com /fundinformation/fund.asp?id=842 (560 words)

	iShares iBoxx $ High Yield Corporate Bond Fund (HYG): Overview
		The yield represents a single distribution from the fund and does not represent the total return of the fund.
		The yield is calculated by annualizing the most recent distribution and dividing by the fund NAV from the as-of date.
		High yield securities may be more volatile, be subject to greater levels of credit or default risk, and may be less liquid and more difficult to sell at an advantageous time or price to value than higher-rated securities of similar maturity.
	www.ishares.com /product_info/fund/overview/HYG.htm (1235 words)

	Nuveen High Yield Bond Fund - Nuveen Mutual Funds
		The investment objective of the fund is to maximize total return by investing in a diversified portfolio of high yield debt securities.
		In building the fund's investment portfolio from these individual securities the team seeks to diversify the portfolio's holdings across multiple factors, including individual issuers and industries, to manage the risk associated with a high yield debt strategy.
		In general, lower rated bonds carry greater credit risk and can be subject to greater price volatility; Interest rate risk--the risk that interest rates will rise, causing bond prices to fall.
	www.nuveen.com /MF/products/Overview.aspx?fundcode=NHBF (471 words)

	Short-Term High Yield Bond Fund
		Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
		Performance for the Investor Class shares of the Wells Fargo Advantage Short-Term High Yield Bond Fund prior to April 11, 2005 reflects the performance of the Investor Class shares of the Strong Short-Term High Yield Bond Fund, its predecessor fund.
		The Short-Term High Yield Bond Fund seeks total return, consisting of a high level of current income and capital appreciation.
	www.wellsfargoadvantagefunds.com /wfweb/wf/funds/profiles/profile.jsp?fundNo=3242 (900 words)

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