High-yield securities: eyes on the exits

Key Points High-yield credit globally, and hybrids in Australia, have seen astronomical levels of issuance in recent years Demand has been driven by ultra-low interest rates, but this may not last forever Smart money is starting to bet that it won’t The intent of global central banks is clear: get interest rates low, and keep them there until economic growth emerges. ‘Extreme monetary policy’ is the name of the game. The reaction to extreme monetary policy has been just as clear. We have seen an unprecedented flight to high-yield securities – junk and near-junk bonds, emerging markets securities and...

The intent of global central banks is clear: get interest rates low, and keep them there until economic growth emerges. ‘Extreme monetary policy’ is the name of the game.

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