For decades the junk-bond market has followed a pattern thaf s about as regular as spring following winter. Two to four years after a new wave of bonds hits the market, defaults on those bonds surge. This time, the pattern isn't holding. Given the huge runup in junk debt that began in 2003, many investors figured defaults would spike last year and began raising hundreds of millions for new distressed-debt funds to take advantage of the wreckage.
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