With the easy money already made in junk bonds this year, market players' new task is bargain hunting credit by credit.

Investors can no longer ride the rising tide that lifted all ships so far in 1991, traders and money managers say. With many high-yield indexes up 25% in the first four months alone, the sector is now far more credit-specific -- not so much a junk bond market as a market of individual issues, they say.

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