Vendors Dispute Reports Of Lag In Junk Bond Pricing

CONTENT & FEES

How do institutional investors obtain accurate closing prices for thinly traded securities? What normally is an interesting question became a bit more compelling after the Wall Street Journal reported Oct. 13 that net asset values (NAVs) for high- yield bond funds did not immediately reflect a Columbus Day rout in the market for below-investment grade or "junk" bonds.

On Oct. 12, banks and the U.S. Treasury market was closed in observance of Columbus Day, but corporate bonds -- including jun

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