Inside the High Yield Debt Market with Rajay Bagaria
Excess Returns
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The Origins of the High Yield Market
When I started my career in 1999, high yield was roughly $350 billion in size with the growth in PE buyout funds and passive investing. Today, it's close to $3 trillion. The number of issuers today is roughly $3,400Issuers in a $3 trillion market. You've had this tremendous growth in the market, but it's largely been driven by bigger, larger issues. Back then it used to be a bond market was a $200 million average issue size today. It's $800 million. There's just a lot of different ways people can get exposure today.
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