A cold chill is blowing through the bond market

It is getting chilly out there. UBS credit strategists Stephen Caprio and Matthew Mish put out a note Thursday titled "Non-Bank Liquidity Chilled by Macro Shocks." By "non-bank," the strategists basically mean the bond market. And it isn't looking good. Risky borrowers are being shut out of the market, and that means companies are going to be left with no way to refinance debt they took on when investors were in a more forgiving mood. Business Insider has been covering the sell-off in the high-y...