Joining a wave of banks and insurance companies looking to get out of the junk bond business, Chase Manhattan Corp. has moved to sell roughly $80 million in junk bonds from its $100 million portfolio.

"We've made a decision to get out of the business," said a spokesman for the bank. "It's a strategic move."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.