Advent HY PMs quoted by S&P Global
2019 HY Outlook: Slim volume eyed amid volatility, loan preference
Leveraged Commentary & Data
December 19, 2018
“It’s important to remember that the whole high-yield market has been through two cycles of refinancing and there are only a handful of companies looking at maturity walls right now. Companies that have maturity walls in 2020 will try and get those refinanced while the primary market is accessible,” says Mike Brown, co-portfolio manager for Advent Capital Management’s high-yield bond strategy.
“The attention on fallen angels has been focused on size,” says Marc Aylett, co-portfolio manager for Advent Capital Management’s high-yield bond strategy. “Later on down the line, if a lot of those triple-Bs do decline into high-yield, it would put pressure on the high-yield market, but I think with issuance down, that we would welcome the supply.”
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