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The Five-Year Plan

We are approaching another “bubble” moment. This time it is in the high-yield market. On Tuesday, the WSJ reported that the yield on “Junk” is approaching an all-time low, falling below 7% for the first time in six years. “The quest for yield is extending a terrific run for junk bonds. They are already up 2.57% so far this year, following returns of 15.2% in 2010 and 57.5% in 2009, according to the Merrill Index.” And it is not only in the rate, covenant-light terms have returned evidencing the bargaining strength of the issuer.

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