High Yield Bonds Explained: What Makes Them the "Equity of Fixed Income" | Portfolio Manager Views Podcast

High yield bonds can offer strong income, but they also come with risks that are often misunderstood. Think of them like lending to growing companies that pay you more to take on extra risk and where a bump in the road doesn’t always mean the journey is over. This episode breaks down what really drives returns, why defaults aren’t as scary as they sound, and how these bonds behave more like equities than traditional fixed income. With a clearer view of the trade‑offs and opportunities, could high yield be doing more heavy lifting in your portfolio than you think? Join Alex Gorewicz, Vice President & Director, Active Fixed Income Portfolio Management, TD Asset Management Inc. (TDAM) and Anthony Imbesi, Vice President & Director, Lead, High Yield, TDAM as they break down the role of high yield bonds, challenge common misconceptions, and explore how they can enhance income and diversification in a portfolio. Highlights include: 00:53 What high yield bonds are and how they differ from investment grade 04:06 Defaults explained and why they don’t always mean full loss 07:56 Why high yield is called the “equity of fixed income” 14:38 Comparing high yield to dividend stocks and other income strategies 19:55 High yield vs. private credit and key differences investors should know   For a full transcript in English and French, please visit the TD Asset Management Podcast page: https://www.td.com/ca/en/asset-management/insights/podcast  Email any questions or ideas for future episodes to: [email protected] follow "TD Asset Management" on LinkedIn: https://ca.linkedin.com/showcase/tdassetmanagement/   Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.