The fixed income factors can be further adjusted to account for the yield curve and to add high yield credit risk as an additional factor. (portfoliovisualizer.com)
The problem comes because of the scarcity of assets, one reason why high - yield credit spreads have been tightening even as short term funding rates have risen. (theinstitutionalriskanalyst.com)
I've previously outlined that high yield credit risk is typically less ideal than simply gaining credit exposure through stocks and rate exposure through bonds. (quantocracy.com)