Global sales of high-yield bonds are on track to set a record as companies capitalize on reduced borrowing costs and investors seek greater returns. "Companies have become a lot leaner and meaner, so the class of borrowers in the high-yield universe looks far better than ever before," said Greg Saichin, head of high yield at Pioneer Investment Management. "Investors have a lot of cash to invest and are being forced to look further and further down the rating spectrum to boost returns."

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