Liam Denning, Columnist

Beware Energy's Junk Debt Army

Diversification is not always a good thing.
Lock
This article is for subscribers only.

Two of the scariest words in financial markets these days are "commodities" and "debt." Saying them in the same breath is virtually a profanity. Looking at the high-yield bond market, though, the first word on your lips may well be NSFW.

Third Avenue Management's decision to throw up the gates on a high yield mutual fund is the latest sign of distress spreading through credit markets.