Junk Bonds Hold Steady Despite Fed Rate Hikes As Risk Profile Improves
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U.S. high yield bond market has remained stable despite Fed interest rate hikes.
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Junk bonds may contain less risky debt now as lower quality issuers tap private markets.
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Share of BB-rated bonds in a key junk bond index is up, while C-rated bonds is down.
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Junk bond yields would likely need to rise significantly to impact bond holders.
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Growth of private credit markets may be easing pressure on public junk bond markets.