Skip navigation

Defaults and Returns on High Yield Bonds: Analysis Through 1995

Authors: Altman, Edward
Kishore, Vellore
Issue Date: 1995
Series/Report no.: FIN-95-003
Abstract: Nineteen-ninety five was an excellent year for the high yield market with relatively low defaults combined with returns of almost 20%, the highest since 1991. When viewed in comparative terms with other fixed income securities markets, however, the high yield debt market’s performance in 1995 was not exceptional. This report documents the high yield debt market’s risk and return performance by presenting default and mortality statistics and providing a matrix of average returns and other performance statistics over the relevant periods of the market’s evolution. Our analysis covers the period 1971-1995 for defaults and 1978-1995 for returns.
Appears in Collections:Finance Working Papers

Files in This Item:
File Description SizeFormat 
wpa95003.pdf949.89 kBAdobe PDFView/Open

Items in FDA are protected by copyright, with all rights reserved, unless otherwise indicated.