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Big European asset managers wary about high-yield bonds

Large money managers in Europe -- including Deutsche Asset Management, BlackRock and JPMorgan Asset Management -- are bracing for the two-year bull run in the region's high-yield bonds to reverse. "We could be in for a prolonged period of readjustment as European fixed-income investors adjust to a world where the ECB is tightening monetary policy," said Alex Dryden, a strategist at JPMorgan Asset Management.

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