GM's uncapped weight in the high-yield indices (6.4% in America and 20.3% in Europe).

ECONOMIST: Credit markets

Spreads on both investment-grade credit-default swaps (insurance against bond default) and on high-yield indices have increased sharply.

ECONOMIST: Testing times

There are material divergences among high yield indices.

FORBES: Winning Hands In The Battle For Investment Survival

Furthermore, the Bank of America Merrill Lynch high-yield indices in the U.S. and in Europe confirm this pattern: the total return in the year to date stands at 9.28% in the U.S., versus 12.76% in Europe.

FORBES: European High-Yield Bond Market: Performance, Though Volatility