US distressed bonds at highest level since 2003-S&P

Newswire

NEW YORK, July 25 (Reuters) - U.S. junk bonds trading in distressed territory rose in July to their highest level since March 2003 as troubles in the auto sector took a toll on bond values, Standard & Poor's said on Friday. About 23.5 percent of U.S. junk bonds were distressed in July, up from 13.7 percent in June, S&P said in a statement. Bonds are considered distressed when their yields, which move in the opposite direction as prices, are at least 1,000 basis points higher than ...

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