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Junk-Bond Yields Fall Below 6% to Record, BofA Data Show

The yield to maturity on speculative-grade corporate bonds worldwide fell to an unprecedented 5.96 percent yesterday, the first time the figure has dropped below 6 percent.

Borrowing costs have fallen 0.67 percentage point this year and compare with a record high of 23.2 percent in December 2008, according to the Bank of America Merrill Lynch Global High Yield index. In the U.S., yields fell to an unprecedented 5.993 percent yesterday, also the first time the figure has crossed the 6 percent threshold.