In Junk Bonds: Exodus

On Monday, during the worst day for US equities of the year, junk bond spreads (on Bloomberg's index) blew out some 40bps. On a percentage basis anyway, that was the most in 12 years. At the same time, everyone's favorite liquidity-mismatched high yield ETF had its worst one-day plunge since November 2016. Things calmed down over the next several days, but junk may find itself on the back foot again to close the week amid jitters tied to reports that the US is freezing license applications for
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