Just when you thought it was safe to stay in the water

Investors in high-yield bonds need to lose their complacency fast — changes in regulation have made these assets much riskier and more volatile

Monday 16 June 2014 at 17:00

When you are on that nice safe beach the family has gone to for years, the kids are splashing in the shallows and you are taking a lazy dip further out, the last thing you want is to see a shark fin in the water.

That is how holders of high-yield bonds should be feeling.