Sick and tired of the three per cents

High yield


Unlike the Eurobond market, which can accurately pinpoint its inauguration to the summer of 1963, there is no universally accepted date on which the high-yield market came into being. As far back as the Victorian era, British investors – described by satirical magazine Punch in 1845 as being “sick and tired of the three per cents” offered by government bonds – were losing a fortune in their pursuit of enhanced yields in the farthest-flung corners of the Empire and beyond.

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