The junkiest company debt is changing into more and more hazardous for traders amid mounting indicators {that a} default cycle is selecting up steam.

The holding firm of Thames Water Ltd. this week didn’t make funds that had come due on a £400 million bond ($504 million). It follows a plunge within the bond costs of Altice France final month after administration instructed traders they must take part in “discounted transactions” to assist the agency slash its debt.

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