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A high-yield bond is a debt security issued by a corporation with a lower-than-investment grade rating. Get answers to questions about high-yield bonds from our primer below.
Read our primerNews from the leveraged loan markets—as well as the high-yield bond, direct lending, distressed debt, and bankruptcy sectors—produced by our team of experienced journalists and analysts.
Read news »| 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 |
With timely news and proprietary analytics, PitchBook | LCD provides news and technicals for the US and European leveraged loans, high-yield bond, and private debt markets. Plug into the liquid and illiquid debt finance space with some of our complimentary stories on originations, downgrades, and other market-level trends.
Read news »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 »
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Q4 2023 US leveraged loan and private credit outlook
Improved market conditions have led to strong performances in the leveraged loan secondary market, with growing returns, renewed extension activity, and potential repricing opportunities.
Has the market retreated to Global Financial Crisis levels?
With soaring interest rates and investors weighing the possibility of a recession, the credit markets have slowed precipitously in 2023. Distress and defaults continue to rise, and market participants in the once full-speed-ahead private credit sector are taking a more deliberate approach to deals.
US leveraged loan market analysis/outlook
We detail a US leveraged market that has become more challenging for debt issuers and private equity sponsors amid uncharacteristic volatility, rising spreads in yields and concerns over the long-term economic outlook. We also dive deep into tech LBOs and what’s to come in 2022.