The junk-bond rally is missing one key set of buyers: Wall Street. Banks and broker-dealers that...

|By:, SA News Editor

The junk-bond rally is missing one key set of buyers: Wall Street. Banks and broker-dealers that typically facilitate secondary-market debt are staying away, leery of holding a hot potato if the market turns again. The average high-yield bond has gone from 55 cents on the dollar to 91 cents since December.