The World's Credit Investors Are Getting More and More Skittish

  • Yuan devaluation, oil plunge drive yield spreads to new high
  • Bonds of junk-rated energy companies dip to distressed levels

The last time investors in the $11 trillion corporate-bond market were so risk-averse, it was 2013 and the Federal Reserve’s move to unwind its crisis-era stimulus had triggered what became known as the “taper tantrum.”

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