‘High-yield bonds in the U.S. are less expensive by comparison with Treasury securities than a decline to record-low yields would indicate, if history is any guide.
As the CHART OF THE DAY depicts, the yield on the Barclays U.S. Corporate High Yield Index fell below 5 percent this week. That hadn’t happened since at least 1987. The top panel tracks the index’s yield since 1995 and the bottom panel shows the corresponding gap, or spread, with Treasury yields.’
http://www.bloomberg.com/news/2013-05-1 ... chart.html