Autori: Altman, Edward I., Kuehne, Brenda J.
Titolo: Defaults and Returns in the High-Yield Bond Market: Third-Quarter 2013 Review
Periodico: Journal of financial management, markets and institutions (Online)
Anno: 2013 - Fascicolo: 2 - Pagina iniziale: 269

Defaults in the third quarter of 2013 were $5.13 billion, resulting in a quarterly high-yield bond default rate of 0.37%, higher than the rates both one year (0.24%) and one quarter (0.23%) earlier. However, this continues a trend of low defaults, during which the quarterly default rates were below 0.50% in thirteen out of the last fifteen quarters, with only the fourth-quarters of 2011 and 2012 default rates higher than this level. The trailing 12-month default rate on our $1.4 trillion high-yield bond market increased to 1.40%, up from 1.28% as of mid-year 2013. The outlook is for continued low default rates but single digit returns for the entire year of 2013.




SICI: 2282-717X(2013)2<269:DARITH>2.0.ZU;2-
Testo completo: http://www.mulino.it/download/article/10.12831/75573
Testo completo alternativo: http://www.mulino.it/doi/10.12831/75573

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