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European high yield

“High” Yield yields hit a low

The dramatic rally in US high yield bonds since the end of September saw yields reach lows of 4.6% earlier this month, the US high yield index’s lowest level since 2000.  Yields have risen modestly since then but remain very tight: 4.9% at the time of this writing.  The US high yield bond spread over risk-free government bonds has narrowed close to its pre-Covid level (see chart below), a tren…

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