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Junk bonds are the new safe haven assets

In this period of negative yields, even the most conservative firms are looking to invest in sub-investment grade debt for the first time

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The new fixed-income haven is, of all things, the market for junk bonds. One of the bond market's brightest luminaries, Jeffrey Gundlach, says you're better off in junk because the only money to be made on German bunds is from betting against them.

New York

THE new fixed-income haven is, of all things, the market for junk bonds.

With government bonds in countries from Germany to Japan and Slovakia yielding less than nothing, money is pouring into exchange-traded funds (ETFs) that buy speculative-grade debt, traditionally the