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Not to be unexpected at this (frothy) stage of the cycle, but junk bond issuance is getting...

Not to be unexpected at this (frothy) stage of the cycle, but junk bond issuance is getting junkier. The share of bonds rated CCC or lower climbed to 26% of those issued in September, according to Fitch. The trailing 12-month default rate slipped to 2% in September, but it's hard for defaults to rise while borrowing conditions are so easy. Remember your reflexivity lessons.
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