Carl Icahn Says the Meltdown in Junk Bonds Is Just Beginning
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“The meltdown in High Yield is just beginning," billionaire investor Carl Icahn wrote on his verified Twitter account Friday.
Icahn’s comments come after Third Avenue Management froze withdrawals from a $788 million credit mutual fund. Outflows from U.S. high-yield bond funds are running at the fastest pace in more than a year, as U.S. junk debt has declined 3.6 percent, the first annual loss since 2008, according to Bank of America Merrill Lynch Indexes.