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PHT - Sifting Through The Rubble Of The High Yield Sector
Pioneer High Income Trust of Beneficial Interest
(This report was first issued to members of Yield Hunting on April 10. All data herein unless otherwise specified is from that date or earlier.)
What Is Happening In High Yield
The high yield bond market is going through some interesting times. While spreads blew out (the additional yield you receive on a bond compared to the same maturity treasury) to fairly wide levels, they didn't reach commensurate levels with the forecasted drop in GDP. Spreads were far wider during the 2008 crash - about double. In fact, spreads for high yield reached close