ML-Implode News - The Great Unwind Has Begun, Bankruptcies Soar, Junk Bonds on Chopping Block

The Fed hasn't even raised interest rates yet, and the largest credit bubble in history continues to inflate. But it has begun to hiss hot air at the margins where the riskiest junk bonds, rated CCC or below, have plunged in value and where average yields have soared from a ludicrous low of 8% a year ago to over 13% now. That rout is far from over.
No matter how terrible and obvious the risks, fund managers, driven to near insanity by the Fed's zero-interest-rate policy, held their noses and closed their eyes and picked up the worst junk, thus continuing to fund over-leveraged, money-losing, cash-flow negative companies that should have been restructured or liquidated years ago.

Relevant:

The Great Unwind Has Begun, Bankruptcies Soar, Junk Bonds on Chopping Block