High-yield bonds are more sensitive to the credit cycle, however, and can have a more upwardly sloped term structure of credit spreads than investment-grade bonds or even an inverted curve.
Please explain Why ?
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More of a logical point of view than a book.
HY bonds carry higher credit risk demands higher payoff, in Credit cycle when the economy goes downhill, HY bonds become more reflective of the challenging time and spreads go high as investor demands a higher return for putting money in HY, riskier, Junk bonds. Whereas Investment Grade securities/bonds remain stable given the higher credit quality.
Happy to be corrected if my understanding is incorrect.