An exodus of investors and a higher regulatory burden are affecting U.S. debt, with the Bank of America Merrill Lynch's U.S. Broad Market Index set to see its largest annual loss since at least 1976. Analysts are concerned about liquidity in a market that has corporate fixed-income securities as a portion of outstanding debt at its lowest levels ever. "The question isn't how much risk you can move in a good market, but how much risk can you move in a down market," said Jeff Meli of Barclays.

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