June has been a brutal month for bonds but particularly in the high-yield space, where issuance has cooled after a record run.
Junk bond volume has slowed to $7.1 billion this month, the slowest pace since December 2011 and about one-fifth the average monthly total previously in 2013, according to Dealogic.
The sharp diversion comes amid a record run of bond outflows and as the market contemplates the future of Federal Reserve monetary policy. For the year, U.S. junk issuance is at a record $195.2 billion.
(Read More: Bond Investors Were 'in Denial' About QE)
In remarks last week, Fed Chairman Ben Bernanke said the central bank's $85-billion-a-month bond-buying program would slow later this year if economic data continue to improve.