BlackRock manager Mitchell Garfin thinks this is a 'sweet spot' in the high-yield bond market.
There are plenty of opportunities for investors to rake in some attractive payouts in the high-yield bond market, yet there is one "sweet spot" that has the best relative value, according to BlackRock portfolio manager Mitchell Garfin. He manages the $26 billion BlackRock High Yield Fund , which has earned four stars and a gold rating from Morningstar.
mountain 2024-06-17 iShares High Yield Active ETF's performance since its June 17, 2024 launch. While high-yield credit spreads are tight and some are calling the bonds "rich," Garfin disagrees. He is comfortable with the spread levels right now because the high-yield market has evolved. "It's a higher-quality market, one that warrants a lower overall spread level and one that we're more comfortable underwriting risk in," he said.
X has nearly 49% in Bs, compared with 31% BB and 13% below B. "We think this single-B cohort of the market is the sweet spot for credit investing today," said Garfin, co-head of U.S. high yield within BlackRock's global credit team. He thinks Bs have the best value and credit quality. B-rated bonds can yield between 6.5% and 8%, although he would question the high end for a high-quality issuer.
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