This Is What It Looks Like When Everyone Starts Selling Their “Junk”

This Is What It Looks Like When Everyone Starts Selling Their “Junk”

Over the course of the last two days, I've suggested that perhaps the junk bond bubble may have finally started to burst. As noted on Wednesday, while analysts have grown more cautious of late about the prospects for HY given not only the mammoth spread compression we’ve seen over the past 12 months, but also the relative compression versus IG, my warnings have generally fallen on deaf ears as rampant risk-on sentiment and the assumption that riskier credits carry less rate sensitivity has
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