Some may argue that the present, wider high yield spread is a function of the low Treasury yields, but historically there has been little correlation between the spread-versus-Treasuries and nominal Treasury yields.

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Guy told me that the demand for high-yield debt is a function of the improving economy, declining returns for the debt market, and the fact that the weakest issuers were effectively shaken out by the last recession.

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But some of the early data suggest this approach may yield only small improvements in cardiac function.

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