HERE'S a quick way for credit investors to earn billions of dollars this year: simply buy pieces of the largest new junk bond sales, then sell them for a profit. It's been a seemingly easy formula of late.
Bonds issued recently by companies ranging from Valeant Pharmaceuticals International to Dollar Tree Inc have gained more in value than the US high-yield bond market on average. The only obstacle is winning the chance to purchase the new sales directly, and that can prove to be a significant hurdle,...
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