Junk-Bond Losses Pile Up as Traders Flee Any Whiff of Bad News

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  • Chesapeake Energy, Men's Wearhouse, Scientific Games hit
  • The dealers are saying, ‘I don’t own it; I don’t care’

The morning after cancer-center firm 21st Century Oncology Inc. cut its earnings forecast for 2015 last week, money manager Rajay Bagaria woke up to find his holdings of the junk-rated company’s bonds had lost 19 percent of their market value overnight.

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