Credit ratings help investors interpret risk and return. In this note we compare credit ratings, yield and probability of default for 36 US high yield bonds
The high yield USD market is mature, offering a huge assortment of bonds compared to its fledgling AUD counterpart and for investors chasing yield, can offer some exciting opportunities. High yield is classified as any bond that is sub investment grade, with BBB- being the lower boundary of investment grade. Consequently, any bond rated BB+ or below - or that does not have a credit rating is regarded as high yield.
The question becomes, how to differentiate between the bonds on offer? An easy preliminary assessment might be to analyse the yield on offer given the credit rating.
As credit ratings decline and yields increase, it’s even more important that you conduct a thorough analysis to make sure you are comfortable with the risks involved. Outliers are often outliers for a reason, and as yields increase, it’s even more important to make sure you are comfortable with the risks involved. Credit ratings can also be wrong, as they are based on a set of historic accounts, among other reasons.
Table 1 and Table 2 provide an overview on the bonds FIIG offers in the high yield universe and the perceived risk, as qualified by the S&P credit rating. Taking the very basic analysis one step futher, I’ve added in the S&P probability of default for the term of the bond#.
Table 1 shows USD bonds we make available in the Standard and Poors ‘BB’ range. The order is based on expected maturity dates, with the shortest term bond at the top of the table to the longest dated bond at the end. Maturities range from around 18 months out to 24 years and demonstrate the depth of the market.
These sub investment grade rated bonds have increasing probabilities of default compared to their investment grade counterparts discussed last week and a corresponding range of higher yields. Most of the bonds are fixed rate, so while credit risk is increasing as you move down the credit rating scale, there is also increasing interest rate risk with the longer dated bonds.
Surprisingly, there are a number of bonds with a yield to worst of less than 3%pa and the BB rated James Hardie International maturing in approximately 5.5 years has a very low YTW of 2.17%pa. It’s definitely a bond to consider selling if you hold it.
McDermott International has a senior BB rated bond maturing in June 2021 and with a YTW of 5.79%pa, seems to be the stand out opportunity of the shorter dated issues.
If you hold either the Bluescope of the Kinross that have similar maturities, yielding 2.76% and 3.06% respectively, switching out of these and into McDermott looks like a good trade.
Only two bonds show double digit returns, both are from Talen Energy Supply. If we consider the shorter dated Talen bond due to mature in July 2022 with a YTW of 12.23% and compare it to the Hertz bond with the same credit rating and similar maturity, it’s yield is almost double that of the Hertz bond which is 6.91%pa.
Having been an analyst for many years, the large discrepancies are like a red rag to a bull. Investors will be paid those returns for a reason and as an investor you need to understand why and like any investment, work out if the reward compenstaes for the risk involved. The credit rating may be over stated.
USD bonds rated in the 'BB' range
Table 1
Source: FIIG Securities, S&P Global
Probability of default percentages from S&P's Corporate Default Study and Rating Transitions report
Prices accurate as at 10 July 2017 but subject to change
Graphically, a selection of bonds is shown in Figure 1. It’s important to note the issues cannot be directly compared given a range of credit ratings, but it does provide a framework for comparison.
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)
Figure 1
Source: FIIG Securities
Table 2 shows the bonds in the S&P ‘B’ range which range from B+ to B-. These are higher risk than those in the ‘BB’ range, and you’ll notice yields are generally higher as is the probability of default. The table only includes bonds rated B flat and B- and have a shorter term than the BB rated bonds in Table 1. It’s worth noting the steep rising in the probabilities of default, especially for the B- rated bonds. The Kindred Healthcare January 2023 maturity has a probability of default of 28.53%, while the Hertz October 2024 bond is at 30.21%.
USD bonds rated in the 'B' range
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)
Table 2
Source: FIIG Securities, S&P Global
Probability of default percentages from S&P's Corporate Default Study and Rating Transitions report
Prices accurate as at 10 July 2017 but subject to change
Figure 2 shows a selection of bonds graphically. It’s important to note the issues cannot be directly compared given a range of credit ratings, but it does give you a framework for comparison.
![](data:image/png;base64,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)
Figure 2
Source: FIIG Securities
A couple of things to keep in mind
- Default doesn’t necessarily mean investors lose money but this may take significant time to determine
- The lower the credit rating, the greater emphasis on asset values and possible recovery rates for investors
- The credit rating agencies sometimes get it wrong. Anyone that followed markets throughout the GFC may remember quite a few structured collateralised debt obligations (CDOs) that were rated AAA which defaulted
- Bonds that seem to offer good relative value may be in riskier industries for example oil and gas exploration or mining services
- The longer the term to maturity, the greater the risk, thus the higher returns on offer for longer dated securities
- Practically all the bonds on the list are fixed rate and the US has started to raise rates again. That can mean fixed rate bond prices decline
- Unhedged foreign currency positions assume extra risk which can also work in favour of the investor if the Australian dollar falls, but can reduce returns if it rises
- For those investors wanting a pure currency play, the best credit quality bonds, that is the lowest risk bonds, that somewhat negate credit risk, offer the best possible outcome
For more on the S&P default rate table, see last week’s article “Quantifying the risk of bonds with S&P credit ratings
”.
Credit ratings give an indication of risk and should not be relied upon.
Investors need to do their homework before investing, including reading up on the company, its management team, strategy and assessing its financial position. It is also important to consider the industry the company is in and any future projections.
Last week we published a similar note on investment grade USD bonds. Please scroll to the end of the note for a link.
For more information, please call your local dealer.
Note: Pricing is accurate as at 10 July but subject to change
#The S&P Probability of default tables only extend to 15 years. If the bond has a longer term to maturity, we’ve assumed the 15 year probability of default rate.