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The definitive guide to the high-yield bond market

A high-yield bond is a debt security issued by a corporation with a lower-than-investment grade rating. Get answers to similar questions about high-yield bonds from our primer below.

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LCD news & analysis

News from the leveraged loan markets—as well as the high-yield bond and distressed debt and bankruptcy sectors—produced by our team of experienced journalists and analysts.

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High-yield bond trends

      High-yield bond market at a glance

      Month-to-Date Change from Last Month Year-To-Date Change from 2022
      Avg. Clearing Yield (all data as of 7/19) 8.94 0.27 8.02% 1.31%
      Avg. Bid Morningstar US High-Yield Bond Index 89.25 1.08 89.25 0.6
      Returns Morningstar US High-Yield Bond Index 0.14 -0.11 6.59% 17.32%
      HY Bond Volume (bils) 3.34 -9.48 96.96 27.87
      Institutional Loan Volume 12 -2.75 114.14 -58.83
      Leveraged Finance Volume (including pro rata) 17.8 -17.07 262.5 -126.49
      June 2022 LCD article for “US high-yield funds scorched with $5.7B outflow, heaviest since 2018.”

      LCD news & insights

      With real-time news and proprietary analytics, LCD provides news and technicals for the US and European leveraged loan, high-yield bond, distressed, and investment-grade corporate markets. Plug into the leveraged finance space with some of our complimentary stories on originations, downgrades, and other market-level trends.

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      Our High-Yield Bond Primer details the high-yield bond market

      What is a high yield bond? Our free online primer is the definitive guide to the asset class. It covers high yield use of proceeds, issuer types, the investor universe, bond structures, covenants, bond math, registration, and everything in between.

      Read the primer
      LCD high yield bond primer with chart showing US High yield bond issuances - monthly from January 2016 to April 2017.

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      On-demand LCD webinars

      Watch our free, on-demand webinars from Leveraged Commentary & Data (LCD).