Fallen angels 2020

Fallen Angels Reached A Maximum Of $166 Bn In 2020

Bonds that lost their investment grade rating and came to be considered by the high-yield rating agencies exceeded $200 billion (about €166 billion) in 2020, the highest annual peak on record to date, according to BNY Mellon IM. According to its data, some $1.5 trillion (€1.25 trillion) in bonds are rated ‘BBB-‘, the lowest rating before losing investment grade, so the firm expects the universe of so-called ‘fallen angels’ to increase in the current year.