If they auctioned them off, they would sell for above par value, because the market would bid up the price of these securities until they yielded perhaps 0.02%.

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The willingness to take a chance on blemished credits pushed below-investment grade securities above par value for the first time since before the financial crisis, up from a nadir of 55 cents on the dollar in December of 2008, according to Bank of America Merrill Lynch.

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