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The Evolution of High-Yield Bonds into a Vital Asset Class 


White Paper 


High-yield bonds have turned into a legitimate asset class that is larger, better established and less risky than in years past, providing evergreen benefits that make them a sound addition to most diversified portfolios.
  The Evolution of High-Yield Bonds
into a Vital Asset Class

Executive Summary
With high-quality bond yields near all-time lows, investors have been pouring into high-yield bonds at a record pace. Although this has fueled concerns about an overheated high-yield market, Allianz Global Investors believes investors would be better served by thinking of highyield bonds as more of a strategic allocation for the long term than a tactical allocation for today. The current environment is still attractive for high-yield bonds as a whole—and active managers with rigorous credit research processes can help investors best maximize the risk/return potential of this important asset class.

Allianz Global Investors Distributors LLC, 1633 Broadway, New York NY, 10019-7585,, 1-800-926-4456.


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