The High-Yield Debt Market
Chaplinsky, Susan
The High-Yield Debt Market
F-1702 | Published September 27, 2013 | 10 pages Technical Note
Collection: Darden School of Business
Product Details
High-yield debt is an important provider of financing for a broad range of corporate purposes. This note discusses the basic features of high-yield debt, some of its advantages and disadvantages, and the market in which it is primarily issued in the United States: the Rule 144A market. Because the market serves more speculative and volatile companies, the characteristics of the debt differ in pricing, availability, and risk compared with investment-grade debt. The note discusses and provides data to illuminate each of these differences.
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