The document discusses the performance of the High Yield (HY) Healthcare Index compared to the broader HY market. As of the writing, the HY Healthcare Index Yield to Worst (YTW) was 6.55%, compared to the broader HY market YTW of 5.75%, indicating a discount of 80 basis points. The Year-to-Date (YID) return for HY Healthcare bonds was 8%, compared to a total return of 7% for the HY Healthcare Index. The document notes that Healthcare tends to outperform in uncertain markets but lags in robust markets. Recent riskier structures and weaknesses in healthcare sub-sectors have contributed to the current discount. Figures illustrate the YTW and total return over 10 and 5-year periods.
doj/DataSet10/EFTA01385382.pdf
{"title":"HY Corporate Credit - Healthcare Outlook","key_people":["Miles Highsmith"],"document_date":"2018-01-03","document_type":"tabular","key_organizations":["Deutsche Bank"],"reference_numbers":["DB-SDNY-0086666","SDNY_GM_00232850","EFTA01385382"]}