High yield bond market: features and risks of a growing market

María del Rosario Martín Martín

CNMV Working Papers from CNMV- Spanish Securities Markets Commission - Research and Statistics Department

Abstract: High yield bond markets are increasingly growing in the last years. Assets managers have turn to this market looking for higher yields in a low interest environment and encouraged by the low default rates and the existence of a more dynamic secondary market now than in the past. The question that arises, however, is if investors could not be addressing the high yield bonds risks rightly. The present document reviews the features and the recent evolution of this market, paying special attention to the elements that could prevent the development and consolidation of this market as a financing source for the economy.

Date: 2015
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