Investors are indicating that they prefer high-yield, high-risk debt to investment-grade bonds, prompting corporate borrowers to sell at least $1.36 billion in bonds. "The perception, now that we're exiting this recession, is the default risk for some of the issuers drops," said Malcolm Polley, chief investment officer at Stewart Capital Advisors. "People are looking for yield pretty much regardless of what the risk involved is."

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