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Amid a massive return since the March low, the default rate has nearly tripled from year-ago levels as recovery rates deteriorate. “Kicking the can down the road” as vulnerability grows.

Are CLOs hidden in your bond fund adding risk you can't see?

Spectacular first-quarter market returns are quite a bounce back from the December 26 lows, when all anyone could think of was fleeing risk exposures. Many markets saw their best quarter...