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High-yield bonds, also known as "junk bonds" have a higher default risk compared to other bonds, e.g., investment grade bonds. However, high risks can come with high rewards, as junk bonds offer higher yields to those that have the risk appetite and are willing to invest. Since 2008, high-yield junk bond investors have infused roughly $240 billion into junk-bond funds. Now, with the junk bond market having posted its first annual loss since 2008, investors want their money back and they are slowly finding out that it won’t be as simple as they had hoped.
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