These five junk bonds are fueling a rally in distressed debt, despite Fed hints of more rate hikes
The stock market isn’t the only place where a handful of companies are driving powerful gains. It’s happening too in distressed high-yield, or “junk bonds.”
Debt issued by Altice USA Inc. ATUS , Carvana Co. CVNA , Community Health Systems Inc., CYH Lumen Technologies Inc. LUMN and Rackspace Technology RXT have been punching up the overall performance of distressed corporate debt. “The picture of super-concentrated returns is the same if the time horizon is extended to the last 2wks and 3wks,” Oleg Melentyev’s team at BofA wrote, in a Friday client note.
Aggressive Federal Reserve interest rate hikes since last year have been met with climbing corporate defaults in 2023, mostly by riskier companies that binged on cheap and abundant floating-rate debt during the pandemic.DoubleLine’s Jeffrey Gundlach recently warned of signs of “mania” in the stock market as seven big technology stocks help drive the S&P 500 index SPX to its near 15% gains in 2023.
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