TIOGA, N.D. -- The North Dakota winter is relentless. Air temperatures hover around zero degrees Fahrenheit. Yet that’s easy to forget here, inside a network of steel mobile homes opened in 2011 in the state’s northwestern corner. Guys walk around in flip-flops, shorts and T-shirts. They eat ice cream at regularly available opportunities and then sweat it off on a treadmill.
Relative yields on securities linked to debt on everything from skyscrapers to mobile-home parks are at the highest in 10 months as investors flee risky assets, raising borrowing rates and crimping new lending.