Junk Bonds

Why certain equities can be lower a risk proposition than certain bonds

Seth Klarman: “A common mistake institutional investors make is to allocate their assets into overly narrow categories. The portion of a portfolio that is targeted for equity investments, for example, cannot typically own bonds of bankrupt companies. Money assigned to junk-bond managers will be invested in junk bonds and nothing else, even when attractive opportunities are lacking. A municipal-bond portfolio will not usually be allowed to own taxable debt instruments….

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Emerging Markets Junk Bonds – Traded in Switzerland

If an investor is looking for exposure to volatile junk bonds: Emerging Market Junk Bonds @ Discount Feb 18th Ticker Valorennummer ISIN Issuer Bid Ask ABL121 19954130 CH0199541308 African Bank Limited 65.00 VTB13 22674774 CH0226747746 VTB Bank 80.00 80.70 VTB14 248531110 CH0248531110 VTB Bank 69.30 69.50 GPB14 22931809 CH0229318099 Gazprom Bank 68.55 69.50 RZD13 20581943 CH0205819433 Russian Railways 80.25 80.75 SBE13 204477274 CH0204477274 Sberbank of Russia 88.8 90.75 .They are…