Source: M&G, Moody’s Research, ICE Bank of America Indices, 30 September 2022.
1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90
0.85
Jan
Senior secured
Junior
Index weight, %
ICE BofA Global Fixed Rate HY Index
Senior unsecured
5.3
8.5
66.8
6.6
24.3
87.7
HY FRN OFFER GREATER EXPOSURE TO THE SENIOR-SECURED PART OF THE CAPITAL STRUCTURE
ICE BofA Global Floating flate HY 3% Constrained Index
0.75
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Overvalued
Undervalued
1.19
0.91
0.83
