Slumping oil prices have left investors holding lower-quality energy bonds facing zero returns for the year and a rising tide of distress.
With US oil prices falling below $71 a barrel, attention has focused on the implications for the junk bond and leveraged loan markets.
Massive investment by oil drillers and exploration companies in US energy and shale gas projects in recent years has been partly financed via cheap borrowing conditions across capital markets. Energy debt now accounts for 16 per cent of the US $1.3tn junk bond market, up from a share of 4 per cent a decade ago.
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