RT Journal Article
SR Electronic
T1 Default Rates in the High-Yield Market
JF The Journal of Fixed Income
FD Institutional Investor Journals
SP 7
OP 31
DO 10.3905/jfi.1999.319227
VO 9
IS 1
A1 Sam DeRosa-Farag
A1 Jonathan Blau
A1 Peter Matousek
A1 Indra Chandra
YR 1999
UL https://pm-research.com/content/9/1/7.abstract
AB The author draws comparisons among three studies of default rates in the high–yield markets. Using data through December 1998, they show how the different methodologies of the three studies can produce very different results. While default rates increased during 1998, they remain below historical averages, and spreads as of the end of 1998 more than adequately compensated investors for the likelihood of a recession. Default rates by security type, rating, industry, seniority, and size of issue are examined in detail.