date:May 14, 2014
volved a fall into junk-bond status.
Most of the investment-grade re-levering, whether from MA or other shareholder-friendly activities, have resulted in issuers staying in the investment-grade category - going in many cases from single-A to triple-B, said Michael Collins, a senior portfolio manager at Prudential.
Still, with intermediate BBB yields in the 3-4% area and BB yields coming in the 5% area, it is not that much more expensive to issue high-yield debt in the grand scheme of things, h