Fallen angels refer to bonds that have recently been downgraded into high yield or junk bond category. These bonds had an investment grade rating in the recent past but have fallen into the junk bond category after a credit rating downgrade - hence the name 'fallen angels'. Fallen angel bonds typically see a negative impact on their prices after being downgraded to junk because asset managers that are mandated to invest in investment grade bonds only are forced to sell their positions in the fallen angels. Fallen angels typically have the highest junk rating of BB+ / Ba1. Fallen angel bonds are keenly tracked by bond investors, especially during the pandemic of 2020, which is having a negative impact on several industries world over and leading to rapid credit rating downgrades.