Selloff Hits Junk Bonds
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The selloff in stocks is spreading to junk bonds, hitting lower-rated corporate debt. A bond due 2030 that online furniture vendor Wayfair recently issued near par, or at close to 100 cents on the dollar, dropped this morning to 92 cents on the dollar, according to MarketAxess. The selloff is likely to slow the sale of new corporate bonds rated below investment-grade.
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