The early days of the high-yield bond market marked a transformative period for the credit markets, laying the foundation for what is now a robust system that includes both high-yield bonds and leveraged loans. In the early 1980s, the idea of companies with low credit ratings being able to attract significant investment, for example savings and loan institutions (S&Ls), was groundbreaking.
The innovation of junk bonds opened new avenues for companies previously constrained by limited access to capital. (Photo by Kaori Yuzawa)
My Personal History
Junk bonds: Henry Kravis (10)
Inaccurately described, they benefit companies and investors
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