Investors in company debt are bracing themselves for more trouble ahead after a turbulent quarter, as economy fears remain in place while the end of the war in Ukraine could prove elusive.

The worldwide pool of the safest corporate debt has already shrunk by US$805 billion so far this year, while the global junk market lost $236 billion, according to data compiled by Bloomberg. That's the biggest dollar decline since records began over 20 years ago, following a borrowing binge propelled by record-low funding costs.

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