Fallen Angels vs High-yield debt

Page 97 of CFA Volume 5 says “These investors must sell debt that has crossed the threshold from investment grade to high yield(so-called Fallen Angels)”. So there is no diff between High Yield and Fallen Angels. However, question 15 requires a contrast between the two and the answer is somewhat confusing. It alludes to high-yield securities to something like “…companies with high risk profiles and existing senior debt issues can seek additional (subordinated) financing via originally issued high-yield securities”. Does it mean these are junk securities right from the beginning as opposed to something that just crossed the line?

Yo negro, you postin in the wrong section.

#jus’sayin

Fallen angels means debt that has fallen from investment grade to junk grade. High yield means all sorts of junk debt, probably including fallen angels.

^ Yes