In China's junk bond market, investors gamble when companies tumble. Some win big, while some lose big.
Some investors in junk bonds, often referred to by the rose-tinted industry term "high-yield bonds," have been earning a 20% annualized return, with some hoping to make 40%, an investment banker with a midsize brokerage said. "High-yield bonds have been in a bull market in the past two years."
