Investors are coming back to high-yield bonds, brushing aside worries about government finances in the U.S. and Europe. The default rate on high-yielding securities was 10.2% in December, but bond buyers seem to be expecting that number to come down at the fastest rate in a decade, analysts said. The market is pricing high-yield bonds in a way that assumes the default rate will be down to 0.3% by the end of the year, JPMorgan Chase said.

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