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Junk bond yields may be at historically low nominal levels, but the spread to Treasurys of 587...

Junk bond yields may be at historically low nominal levels, but the spread to Treasurys of 587 bps is not terribly low and is higher than would be inferred given July's default rate of 3.3% (and even tossing in a projected rise to 4%). In any case, corporations are taking advantage, and August is on track for a record-breaking month of issuance. (Moody's Market Outlook)
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