Are high yield bonds still attractive?

Duration has remained steady in European sector

With European high yield bond valuations at tight levels, does this mean the asset class is no longer an attractive investment opportunity?

European high yield bonds continue to prove appealing to investors for a number of reasons. Firstly, while valuations are stretched, European high yield bonds look attractive on a relative basis versus European investment grade and US high yield, after currency hedging costs.  Within European investment grade, duration has risen due to an increase in opportunistic issuance in longer-maturity instruments, while yields are now below 1%. However, within European high yield, duration has remained steady and yields are about 3%. ETF Snapshot: High yield ETFs only asset class to recor...