Junk bond drought reflects worries about volatility, economic growth

• The last time a U.S. company rated below investment grade issued bonds was in November, marking the longest stretch in more than 20 years in which no junk bonds have been issued.
• The drought reflects investors' concerns about market volatility and how much longer the economic expansion can last.
• December marked the first month since 2008 in which no high-yield bonds were sold, according to Dealogic.
• Weak investor demand recently increased the spread that below investment-grade rated companies have to pay over government debt to the highest level in more than two years, the Wall Street Journal reports.
• Previously: Gundlach says "get out" of junk bonds (Jan. 8)
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