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Put up to four markets on the same ruler. The shapes do most of the explaining.
| High-yield bonds | Corporate bonds | |
|---|---|---|
| Exit difficulty | 3 | 3 |
| Volatility | 4 | 3 |
| Leverage | 1 | 1 |
| Carry cost | 1 | 1 |
| Fraud risk | 2 | 1 |
| Protection gap | 2 | 2 |
| Barrier to entry | 3 | 3 |
| Expertise needed | 4 | 3 |
| Difficulty | 38 Moderate | 28 Moderate |
| In a sentence | Debt from borrowers the rating agencies do not trust, paying a large spread that is sometimes compensation and sometimes a warning. | Company debt, sold in large denominations to institutions, where you take credit risk for a spread over government yields. |
| Unit | Large institutional denominations | Typically £100,000 minimum denomination |
| Smallest realistic trade | Practically, via a fund | Often £100,000 — which is why most retail exposure is via funds |
| Settlement | T+2 OTC | T+2, over the counter |
The fingerprint measures how demanding a market is to take part in. It is not a rating or a recommendation.