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Yields on speculative-grade corporate debt in the U.S. dropped to an unprecedented 7.163 percent yesterday, breaking the previous record set more than 15 months ago.

Borrowing costs on the Bank of America Merrill Lynch U.S. High Yield Master II index have declined from 8.465 percent at the beginning of this year and a high of 22.651 percent in December 2008. Yields broke the previous record of 7.187 percent from May 19, 2011.

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