“For investors with $12 trillion of negative-rate bonds worldwide, U.S. junk securities and their 6.9 percent average yield look like a gold mine. But with so many investors streaming into the market, the debt is now yielding almost 3 percentage points less than the average of the past two decades, Bank of America Merrill Lynch index data show. And they’re buying it up at the same time that junk-rated borrowers default at the fastest pace in six years.”

http://www.bloomberg.com/news/articles/2016-07-15/junk-rated-borrowers-reap-rewards-in-a-world-of-negative-yields

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