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The worst debt-market slump in seven months is starting to disrupt bond sales by risky companies as investors retreat from funds that buy the debt.

Construction company Tutor Perini Corp. pulled a $500 million speculative-grade bond offering because of “adverse market conditions,” it said in a statement late Wednesday. That left Wall Street underwriters without a junk-rated sale for the second day this week as anxiety about Tuesday’s U.S. presidential election and a possible interest-rate hike next month by the Federal Reserve gripped capital markets.

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