Some observers are concerned that an increased investor appetite for high-yield bonds is a sign that the market is returning to the debt-fueled bubble that sparked the credit crunch. Others see it as assistance to making funding available to more companies. Total global high-yield issuance has reached a three-year high of $151 billion, according to Thomson Reuters. "We're seeing a lot of new issuers consider the high-yield market for the first time and expect them to use it as a regular source of funding," said Giacomo Petrobelli of UBS.

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