der S. Friedman Global Chief Investment Officer Wealth Management 25 October 2012 Figure 4: Coupon accounts for bulk of high yield bond returns Cumulatne reams of US high yield reme 1990, m % 250 200 ISO 100 SO „or' -so 100 199D 1991 1994 1996 1998 2000 1031 1034 1006 2008 1010 1012 - TOUT S