Strong investor demand for junk bonds has pushed the average price on such corporate debt to its highest level since June 2007, when companies could borrow with ease at the height of the credit boom.
The Bank of America Merrill Lynch index used by many investors to track the junk bond market – bonds sold by companies with credit ratings below investment grade – rose last week above 100 for the first time since the start of the credit crunch.
In the wake of the crisis, the price of many of these bonds collapsed as default rates soared. However, the recent price rise above 100 assumes that, on average, bonds will be repaid in full.
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