Warner Bros. Junk Bond Surge Highlights Fallen Angel Investing Opportunities

Warner Bros. Discovery's junk bonds have surged, benefiting investors who bet on the company when its future looked bleak. Fallen angel debt, companies that lose their investment-grade status, can often profit due to relatively strong businesses. Six issuers with notes worth $57.4 billion have tumbled into junk this year, with more trouble potentially coming due to economic pain ahead and inflation data signaling ongoing price pressures.