Since the geniuses at the Fed decided to start buying $HYG (probably because some senator was long), lets have some fun and look at some constituents that will benefit from this:

A is for Altice, the great French telecom operator with leverage that would make Blackstone cringe. Thank you Fed for doing the ECB's job!

B is for Bausch Health, the fine Canadian pharma company that, for those old of us to remember, is the company formerly known as Valeant Pharma!

C is for Charter because how else can they keep going with them buybacks!!

D is for Dell, because you need to help out with that VMW / Silverlake deal suckers!

Sprint, because TMUS and Softbank needed all the help from their friends to refinance the deal!

Uber for treating its "employees" so well during this crisis! US taxpayer is funding their health insurance this way! oh wait...

Netflix thanks for keeping us sane during the lockdown! We are doing our part too now!

PetSmart, for taking care of our pets! It's ok you are an LBO, we cool to fund you bro.

A High Yield index wouldn't be the same without an Italian Bank! Ciao from Intesa!

Maaaan, even Uncle Carl Icahn is getting help from the Fed!! He has 6, SIX, bonds in the $HYG ETF! Expect some more activism soon, funded by the US Taxpayer! Love it!

and last, but definitely not least, how could a "subsidy fraud" of this magnitude be missing the master of the game. Tesla, I bow to your skills.