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The high-yield bond market. That’s the polite name for “junk” bonds Mauldin

Bonds issued by companies that can’t earn an investment-grade rating even from our famously lenient bond rating agencies.

Bondholders will want to sell those bonds, but the liquidity they presume probably won’t be there.

Almost half of investment-grade companies are rated BBB, just one step above junk, up from just one-third in 2009.

John Mauldin 25 May 2018

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