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A wave of “fallen angels” — downgrades of BBB-rated corporate debt — could overwhelm the high-yield market as the economy slows and higher rates raise the debt burden
Bond Gurus at Pimco, Guggenheim, TCW Warn of `Fallen Angel’ Risk
published Nov 23, 2018, 12:33:15 PM, by John Gittelsohn (Bloomberg) — Investors are turning conventional wisdom on its head. During stock market routs, they’re often expected to move into bonds for comfort. That hasn’t happened. As stock volatility rose in October, investors pulled a net $14.2 billion from taxable bond