High-yield bonds' 30-day volatility has more than doubled from record lows set in December, Lisa Abramowicz writes. Analysts say the speculative bonds may be pulling back after a particularly strong 2012, or responding to future interest-rate uncertainty from the Federal Reserve, some analysts say. "The sensitivity to rising interest rates has a very big impact in total returns in credit," said Stephen Antczak of Citigroup.

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