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A bit more sign of froth in the high-yield market, covenant quality on junk bonds hit a...
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Tuesday, December 11, 2012, 12:17 PM ETA bit more sign of froth in the high-yield market, covenant quality on junk bonds hit a record-low 4.15 (on a scale from 1 best to 5 worst) in November, says Moody's. Most curious were weaker-rated bonds having worse covenant quality than higher-rated ones - completely at odds with precedence and logic.
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I've been a long term investor in both JNK and HYG and am looking for some guidance here.
Thanks in advance.