Mind The BBBs—-$3 Trillion Of Risky Bonds Priced For Perfection

A huge swath of the corporate bond market is looking increasingly vulnerable.

 Bonds with the lowest investment grade have been a market darling over the past decade, ballooning in size as low global interest rates drew fund managers seeking higher returns. But as borrowing costs climb to a four-year high just as investors begin to anticipate a downturn in the global economy, some analysts are starting to sound the alarm.