High-yield rebound

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After a rough patch for the corporate bond markets triggered by concerns over leveraged buyout risk, downgrades to non-investment grade for General Motors and Ford, repricing in the correlation markets and rumors of trouble in the hedge fund community, the high-yield market started to bounce back in late May as investors realized that market conditions are not as dire as some had feared.

This month’s chart, provided by Olivera Radakovic, high-yield strategist at Banc of America Securities, s

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