Voici ce qu’ écrit Bloomberg la semaine dernière:  “When you use borrowed money to make a bet, you can win big and you can lose big, as some investors in closed-end debt funds are finding out right now.

Shares of such funds are plunging way below the value of their underlying assets, with the biggest discounts since the U.S. financial crisis. Traders seem to just want to get this stuff off their books, even at a painful price.

At best, these funds are just a small corner of the $39 trillion U.S. debt market and their suffering is perhaps a temporary phenomenon that doesn’t reflect broader problems.

At worst, it’s a harbinger of a more significant selloff ahead in debt markets that have swelled to unprecedented sizes on the heels of the Federal Reserve’s stimulus. ‘The bigger fish to fry is now in U.S. credit markets,’ wrote Credit Suisse Group AG analyst Sean Shepley…

The steep decline in credit closed-end fund shares is ‘a signal both of underlying credit market illiquidity and also of end investor risk aversion.’”