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Yields on high yield bonds, as measured by the BofA Merrill Lynch US High Yield Master II Effective Yield, have fallen since early March. They ended March 15 at 8.39%.
High-yield bonds, also known as "junk bonds," are debt instruments issued by companies. They provide a higher yield than bonds in other classes.
Intro Guide to the Putnam High Yield A Fund (PHIGX)