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The deterioration in high-yield bond ETFs (HYG -1.1%), JNK -1.3%) accelerates, with JNK now...

The deterioration in high-yield bond ETFs (HYG -1.1%), JNK -1.3%) accelerates, with JNK now trading at a 243 bp discount to NAV. Peter Tchir isn't ready to buy yet, saying the discount can actually feed on itself as it brings a "reverse arb" action into play.
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