Junkyard challenge

The days of extravagant borrowing and ruinous leverage multiples are over. After a storming performance in the US high-yield market in 2003, the telecom and cable sectors have emerged as a force to be reckoned with. Laurence Neville reports

With deals such as the sale of AT&T Wireless and Comcast’s audacious bid for Disney occupying the front pages, the telecom and cable sectors have been hogging the limelight in recent weeks. But away from these headline-grabbing deals, both sectors have been steadily reasserting themselves and shoring up their finances after the disasters of the early part of the decade.

Telecom and cable companies have long used the high-yield debt market to fund themselves. Their recovery has been reflected in

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