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Distressed Debt on the Wane in US Markets

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"Distressed debt – defined as a bond trading at less than 50 cents on the dollar – is rapidly disappearing from US financial markets as yield-hungry investors push up the prices for even the most beaten-down securities,' according to the Financial Times.

“The Fed’s zero interest rate policy has been a catalyst for billions and billions of dollars flowing into the high-yield market,” said Tim Donohue, managing director for high-yield markets at JPMorgan.

“The government is holding down interest rates and, as a result, cash is chasing one of the few asset classes that still offers a healthy yield.”

SOURCE:   Financial Times