“More than $7 billion of the distressed-debt market has been wiped out this month amid a renewal of a slide in commodities. The performance is a disappointment to investors who purchased about $40 billion of junk-rated bonds from energy companies this year, thinking that the worst of the slump was over. Speculative-grade borrowers are increasingly unable to pay their bills, with their default rate expected to rise to 3.1 percent next March from 2.02 percent last month, according to Moody’s Investors Service.  New Jersey’s pension system is planning a $300 million account with GoldenTree Asset Management to invest in stressed and distressed credits.”

http://www.bloomberg.com/news/articles/2015-07-22/distressed-debt-market-upended-amid-deepening-commodities-rout

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