Zero interest rates and abundant liquidity after 2008 years were a direct result - a hunger for yield among institutional investors and logical use and excessive financial leverage (debt financing).

As a result, the system accumulates and more risk for the players because of the relatively smaller equity and the danger of his podyazhdaneto shocks. A emintentite of high-yield / high-risk bonds by commodity-dependent energy and the price of raw materials sector napapliha like mushrooms, forming 1/3 of the market "junk" bonds in the US.

Meanwhile, the collapse in the price of raw materials actually dipped manufacturers of oil and gas from shale, which at a price of $ 30 a barrel oil is widely found themselves face to face bankruptcy.

Who holds corporate debt energy players? Investment funds, hedge funds, mutual funds, ETF -fondove such venture capital (private equity).

Bankruptcy issuers of high-risk debt - over 100 this year in the US - are currently severely pressed prices for instruments of this segment in the balance of the funds. Auctions are massive, and the differential between "high" and "low-risk" grow significantly.

The reaction of the market

Naturally worried investors in the funds they want cash for their shares, while funds have to sell assets to meet claims.

To sell, but to whom? And at what cost?

Funds management company of assets Third Avenue in the United States reported that the sale is to put it mildly, complicated and "run" or -at the flight of investors forced managers to postpone payments - promised cash against shares held.