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The riskiest parts of corporate debt markets are inching closer to panic mode.

Just ask Mark Heron, head of distressed debt at hedge fund Ellington Management Group. A dealer offered to sell him a loan at 97 cents on the dollar this week. Heron said he would buy it at 88 cents, a low-ball bid he thought would end the conversation. To his surprise, the dealer sold him the junk-rated loan at his price.

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