2015-12-07 — wsj.com
U.S. corporate high-yield bonds are down 2% this year, including interest payments, according to Barclays PLC data. Junk bonds have posted only four annual losses on a total-return basis since 1995. The declines are worrying Wall Street because junk-market declines have a reputation for foreshadowing economic downturns...
Adding to the worries are signs that the selling has spread beyond firms hit by the energy bust to encompass much of the lowest-rated debt across the market, potentially snarling some takeovers and making it difficult for all kinds of companies to borrow new funds.
This looks like a point of exhaustion similar to the early payment defaults on peak subprime issuance...
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