Where do you come from? argumentative essay about abortion He argues the high yield market is neither expensive nor cheap. Yet he can’t see what factors could cause the spread between yields on gilts and high yield bonds to widen over the coming 12 months. If yields did rise on high yield bonds, widening the spread, the consequent falls in price could result in capital losses for investors. However, in a low growth, low inflation environment he sees the hunt for yield continuing and high yield bonds remaining popular.