high-yield bond

(redirected from Low-Grade Bond)
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Synonyms for high-yield bond

a (speculative) bond with a credit rating of BB or lower

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References in periodicals archive ?
Green, 1991, The Investment Performance of Low-Grade Bond Funds, Journal of Finance, 46(1): 29-48.
Also, it applies the stochastic dominance criterion to show that small stock returns dominate low-grade bond returns.
Researchers have found systematic differences among returns for different months of the year in low-grade bonds.
to the Treasury bond and equity markets) of low-grade munis relative to high-grade munis is due in part to the fact that the low-grade bonds are hybrid securities.
In the early 1980s, before the recent wave of restructurings, these low-grade bonds accounted for less than one-tenth of the total outstanding.
In discussing his study of low-grade and high-grade bond performance, Regan (1990) reports that the low-grade bond portfolio performed consistently well except during a recession, that junk bonds displayed the same seasonal pattern as second-tier stocks, including the "January effect;" that both low-grade stocks and low-grade bonds reflect the riskiness of the individual firm rather than changes in the general market, that the yield spread was not useful in timing business cycles, and that junk bonds behaved more like equities than like Treasury bonds.
Cornell and Green (1991) find that "movements in stock prices explain a larger fraction of the variance of low-grade bond returns than do movements in interest rates.
They focused almost exclusively on junk bonds without attempting to distinguish among the three different classes of low-grade bonds nor do they treat investment-grade bonds.
low-grade bonds represented 44% of total adjusted capital.
Central National Life's investment portfolio includes medium- to low-grade bonds (8%) and commercialized mortgage obligations and loaned-backed bonds (18%).
low-grade bonds, real estate, and unaffiliated stocks
At year-end 1998, medium- and low-grade bonds, mortgages not in good standing, real estate, and other investments, represented 17% of total adjusted capital.
At year-end 1998, holdings in medium- to low-grade bonds, real estate and other investments, and unaffiliated stocks represented 52% of total adjusted capital.
The company has a moderate exposure to common stock, and medium and low-grade bonds.
The company has moderate exposure to medium and low-grade bonds 'Pi' ratings, denoted with a pi subscript, are insurer financial strength ratings based on an analysis of an insurer's published financial information and additional information in the public domain.
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