Abengoa to Towergate Bond Crashes Bare Junk Jitters: Euro Credit
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Junk bond investors have a bad case of the jitters. Every bit of bad news is whipsawing prices, with bonds tumbling as much as 50 percent in a single day.
“We’ve seen some flash crashes in the market,” said Henry Craik-White, a senior investment analyst at ECM Asset Management in London, which oversees $8 billion. “If you get caught on the wrong side of a name, you can get severely punished in this market.”