The document provides an analysis of the relative value of high yield (HY) bonds compared to investment grade (IG) bonds and equities. It discusses the tightness of HY spreads to IG and implied volatility in equities, FX, and rates. The report includes a regression analysis of US HY issuer spreads versus Debt/Enterprise Ratio and highlights the proportion of distressed issuers in HY markets in the US and emerging markets (EM). It also notes the devaluation of EM currencies and its impact on EM corporate issuers.
documents/vol00010-efta01362028-pdf.pdf
{"title":"US Fixed Income Weekly","key_people":["Deutsche Bank analysts"],"document_date":"2015-09-04","document_type":"tabular","key_locations":["US","EM"],"document_subtype":"financial report","key_organizations":["Deutsche Bank"]}