Fallen angels began 2025 on a positive note, outperforming the broad high-yield market by 0.10% (1.48% vs. 1.38%). The 10-year U.S. Treasury yield fluctuated throughout the month, peaking at 4.79% ...

Wider spreads have driven fallen angel yields above 7%, their highest levels since mid-2025. Yields versus broad high yield ...

The note reflects a shift in investor focus toward lagging large-cap names within the technology and payments space.