World Market Divided between Credit Winners and Losers

Not since the financial crisis has there been such a divide between winners and losers in global credit markets.

It was on full display Wednesday as Anheuser-Busch InBev NV attracted a record $110 billion of investor orders and sold $46 billion of bonds on the same day that a fear gauge for the credit market jumped to a three-year high. In high-yield debt, just a quarter of the bonds in a widely followed index are trading near the benchmark’s average yield — the least since 2008, according to Rogge Global Partners.

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