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High Yield describes the bonds that are rated BB+ or below by rating agencies, denoting a higher probability of default (high risk product). Given the higher risk, High Yield bonds bear a higher coupon.
Investment Grade - ("IG")
Investment Grade describes the bonds that are rated BBB- or above by rating agencies, denoting a lower probability of default. Given the safer nature of the instrument, the investor base is more broad compared to High Yield bonds, and it is normal to see insurance and pension companies buying this type of bonds as for these investors it is more important to preserve capital.
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