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The growth in the number of multi-currency high-yield issuers affords investors an opportunity to capitalise on regional price variations

Eaton Vance Investment Managers

Of the various arguments put forward in favour of allocating to high-yield bonds on a global rather than a country-specific or regional basis, one of the most compelling is the sheer growth in non-US issuance. Over the past 20 years, non-US issuance (predominantly Europe and emerging markets) has increased from a negligible amount to almost half of a $2trn (£1.54trn) global high-yield market today.1

In our view, a global approach not only affords access to an expanded investment opportunity set, it allows the possibility for an investment manager to capitalise on dislocations in value across markets and to achieve better risk control through adequate diversification across industries and geographies.

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