Stock Turmoil Spreads to Junk Bonds, Hurts Deals

Shock waves from the stock market’s declines are spreading into junk bonds, sending prices tumbling and forcing some companies to cancel new deals.

Average prices of U.S. high-yield bonds fell to around 91 cents on the dollar Monday, the lowest level since May of 2020 when pandemic shutdowns slammed the global economy, according to data from Bloomberg.

The selloff has punished companies with below-investment-grade credit ratings and poor reported earnings. It is also making it harder and…

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