YIELD STRENGTH COULD SIGNAL BETTER TIMES FOR BONDS
Source: PGIM Investments, Bloomberg, as of March 2024. US: Bloomberg US Corporate Total Return Value Index Unhedged USD, UK: Bloomberg Global Corporate - United Kingdom TR Index Unhedged USD, Europe: Bloomberg Pan European Aggregate Corporate TR Index Value Un , Japan: Bloomberg Asian-Pacific Japan Corporate TR Index Value Unhedged JPY, APAC: Bloomberg Asian Pacific Corporate Index, EM: Bloomberg EM: International: Corporate Statistics Index.
Emerging from an extended period in which many investors accepted equity risk in exchange for access to income, investment grade bond yields now represent premium payouts relative to stock dividends in most markets.