Invesco - Mon, 10/16/2023 - 11:55

A rise in senior secured bonds lifts high yield

An increase in secured high yield bond issuance has improved the credit quality of the high yield asset class, in the view of the Invesco High Yield Team. We speak with Senior Portfolio Managers Philip Susser and Stuart Stanley about why secured bond issuance has grown and what it means for the US high yield market.


  • The historically higher recovery rates of secured bonds and their higher position in the capital structure add extra protection for bondholders.
  • The growth of secured bond issuance in the high yield market has improved high yield’s overall credit quality.
  • We believe the rising proportion of secured bonds in the high yield market presents a unique opportunity, based on their attractive valuations and potential investment performance.

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