Isaac Braley | Source | President and Co-Portfolio Manager at BTS Asset Management

The key driver will be what happens with interest rates. Investors are putting too much money into the sector, and as a result the yield spread between high-yield bonds and U.S. Treasury notes is narrowing sharply, especially considering the amount of risk high-yield bond investors are assuming.

Any yield below 6 percent becomes relatively unattractive for high-yield bonds.