Distressed and defaulted paper, however, continued to knock the cover off the ball as credit opportunity investors sought out wide-margin opportunity.

FORBES: Leveraged loans return 0.31% in November; YTD return is 8.8%

With the market retreating in October, distressed and defaulted names lagged better-rated paper.

FORBES: Connect

During the Great Recession, 26% of existing defaults were strategic, a July 2009 National Bureau of Economic Research paper revealed, and people who knew others that defaulted were 82% likely to do the same.

FORBES: Avoid Foreclosure: Properly Handling An Underwater Mortgage