T. Rowe Price: COVID-19 Has Transformed the U.S. High Yield Opportunity Set

Record volumes of downgrades and a sharp spike in defaults have reconfigured the U.S. high yield bond market.

This has presented an opportunity to invest in companies that are well placed to rebound strongly assuming the market recovery continues—but it has also created a tumultuous investment environment in which credit risk is set to remain elevated. Read more.