Nuveen argues that while investors focus on equities and geopolitics, U.S. high yield credit offers an overlooked mix of income, improving quality, and limited AI disruption risk.
- U.S. high yield returned +1.30% YTD through 21 April, outperforming the Aggregate Bond Index by 82 bps.
- BB-rated bonds now make up roughly 57% of the market, versus 38% before the financial crisis.
- Net leverage ratios are healthier than in private debt markets.
- High yield has less than 5% exposure to software, while holding more exposure to AI beneficiaries such as fiber, power, and data centers.
In a world of expensive equities and stubborn yields, junk bonds may no longer deserve the old label.
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