Readers will know that I track the prices of global high yield debt every day:
The recent deterioration in prices, and rise in yields, has not been huge but it has been sudden and such moves in junk are a good leading indicator for rising volatility in broader markets. From the FT:
A sell-off in the $1.3tn high-yield bond sector is a worrying omen for the wider market, frequently signalling greater losses and broader contagion to come.