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Junk Bonds Grab Record Share as Yields Tumble

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"Junk bonds are making up the biggest share of corporate debt sales on record as investors wagering on an economic rebound snap up securities from even first-time issuers," according to Bloomberg. "Global high-yield bond sales hit $91 billion this year, or 12 percent of total issuance, almost double last year’s share, according to data compiled by Bloomberg. Yields on the debt fell to within 5.83 percentage points of Treasuries this week, about the lowest since December 2007 and down from 6.66 percentage points at the end of 2009, Bank of America Merrill Lynch’s Global High Yield Index shows. Economists are boosting growth forecasts this year, and borrowing costs have fallen to pre-credit crisis levels, reducing default risks."
SOURCE:   Bloomberg