“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.

The risk premium on the Markit CDX North American High Yield Index, a credit-default swaps benchmark tied to the debt of 100 speculative-grade companies, rose 38 basis points to a three-year high of 514 basis points.

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