(Reuters) – Recent central bank bond-buying to calm market turmoil has breached the wall dividing top-grade debt from so-called junk-rated issues, raising the likelihood of the investment industry and even regulators eventually dismantling the barrier.
FILE PHOTO: George Washington is seen with printed medical mask on the one Dollar banknotes in this illustration taken, March 31, 2020. REUTERS/Dado Ruvic/Illustration/File Photo
Central banks had until recently baulked at buying sub-investment grade debt — which is rated BB+ or lower — in their emergency programmes or accepting it as collateral, given the higher risk of default.
But with the coronavirus crisis roiling