Vanguard to JPMorgan Dodging Neediest Borrowers

Vanguard to JPMorgan Dodging Neediest Borrowers

Ronda Churchill/Bloomberg

Waning demand signals turbulence in the $173 billion bottom-tier of the junk market, where Standard & Poor’s says the default rate of borrowers from Energy Future Holdings Corp. to Caesars Entertainment Corp. reached 27.2 percent in August, up 10 percentage points from a year earlier.