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Payden & Rygel's Managing Director, Jordan Lopez, stated in a webinar that even during a period of rising interest rates, investors' enthusiasm for high-yield corporate bonds remains strong. "I believe that the higher rates of high-yield corporate bonds are not necessarily negative. Clearly, it is painful during a rising process, but most high-yield buyers are actually yield buyers, not necessarily spread buyers," he said. Investors are focused on the total yield, which is currently over 7% for US high-yield bonds, rather than just the credit spread. Most high-yield buyers consider the total yield when deciding whether to invest.