For the first time in nearly a year there is trouble brewing in bond land:

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 HYG - High-Yield Corporate Bond ETF

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S&P 500 vs. HYG vs. PowerShares Leveraged Loan ETF

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This could be the first crack in the foundation of the five year long "reach for yield" bull market in corporate bonds and leveraged loans OR it could be a long overdue correction in a highly overextended asset class. Either way this is something that astute market observers should be paying close attention to.

Read also:

Advisor Perspectives: Residential Mortgage-Backed Securities Are Heading Over a Cliff

FT: Appetite for junk bonds on the wane

MarketwatchA junk-bond warning: Investors exit as yields rise