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As many investors dump risky stocks for safer investments, some are taking their chances in search of a higher payout.
A mix of frustration with low interest rates, and a confidence that even the riskiest companies will not default, is driving some traders into bond classes that analysts and investors typically deem to be highly speculative, according to an article in the Wall Street Journal.
Yields for one such type—triple-C rated bonds—fell to 8.187 percent, a record low on a key Bank of America Merrill Lynch index. Yields fall when prices rise, so the market for these bonds is booming in the midst of a choppy stock market and unappetizing yields on safer debt.
Corporations are using the current taste for low-grade and "junk" debt to fuel some mergers and acquisitions, too.
There are dangers, of course. Some analysts worry traders are merely "stockpiling future risk." If the Federal Reserve raises interest rates, prices will drop, leaving anyone looking to unload a risky bond exposed. But the Fed has kept interest rates low for longer than most investors expected, and low Treasury yields suggest investors don't expect the Fed to change course anytime soon.
Read the full article in the Wall Street Journal.