Phaidros Funds Fallen Angels
Opportunities among high yield corporate bonds
Phaidros Funds Fallen Angels is the latest member of the Phaidros Funds family. A “fallen angel” is the common term for bond that was rated investment grade at the time of issuance but that has fallen into below-investment grade, or high yield, territory following a downgrade to its credit rating. First, these issuers tend to have better debt profiles and greater financing flexibility than original issue high yield issuers. Second, fallen angel high yield corporate bonds have performed better with similar risk as other high yield corporate bonds.
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