If you're wondering why junk bonds keep selling off, consider this: Oil prices are tanking and energy companies now account for a record proportion of the below investment-grade market.
Debt of high-yield energy companies has tumbled 4.6 percent since August, leading the market down as the price of brent crude futures plummeted to the lowest in about four years. Some securities have fared much worse, like the 19 percent plunge in oil and gas producer Samson Investment Co.'s bonds.
"It's been a pretty sharp move," said Matt Eagan, a fund manager at Loomis Sayles & Co. in Boston. "This is the first time in a long time where a sector has seen a big setback."
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