Insurers, pension systems and high-grade credit managers in the US and Europe are buying bigger amounts of junk-rated debt to offset shrinking yields, forcing high-yield investors to jostle for allocations of BB rated bonds -- the safest and largest part of their class with 60 percent of the market.
Some fund managers, used to having their pick of speculative-grade bonds, have seen their orders for new bonds cut in recent months, they said, declining to be identified because the information is private.
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