Where did all the junk go?

Where did the riskiest borrowers in credit actually go?Anne Greenwood, Institutional Portfolio Manager on the BlueBay U.S. Fixed Income team, unpacks how credit risk is migrating—and why the high yield label no longer tells the whole story.The high yield market has grown higher in quality, yet risk hasn't disappeared—it's moved. Much of it has migrated into leveraged loans and private credit over the past decade.The AI and data center buildout is bringing stronger balance sheets and new backstops into parts of high yield.When the market beneath the index changes, the index alone is no longer enough.