The high yield bond market no longer exists – the high yield index pays 5.4%, before allowance for defaults – but there is a way to find high yield bonds and there is a way to create them. Featured companies: Cliffs Natural Resources Inc. (CLF), AK Steel Corp. (AKS), Pacific Drilling SA (PACD), and SandRidge Energy Inc. (SD).

Download: Fixed Income Contrarian Compendium May 2015