News Digest:

The amount of US high-yield bonds trading at distressed levels, typically defined as for 70 cents on the dollar maximum, has doubled since the start of the year, from almost $14bn to $27bn, FT estimates have shown.

Takeaway:

In another sign of rising distress in the US junk bond market, the percentage of debt trading with a yield of 10 percentage points or more above equivalent US government bonds has also spiked, UBS figures reveal.

End Notes

Source: https://www.ft.com/content/4153d2e3-af2b-43f3-b346-c83df0cdb690