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Who Cares How Fast You Can Sell Debt If Borrowers Can’t Repay It

A Walter Energy Inc. 5.5-mile overland conveyor, which carries coal from Mine No. 7, snakes over the hills of central Alabama.

A Walter Energy Inc. 5.5-mile overland conveyor, which carries coal from Mine No. 7, snakes over the hills of central Alabama.

Source: Walter Energy Inc. via Bloomberg

What if corporate-bond buyers focused less on how quickly they could trade the stuff and more on the basic question of, are they actually going to get their money back?

Because, in a growing number of cases, they may not.