On the Fritz

Martin Fridson

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The high-yield market turned decidedly unfavorable during April 2005. Underwriters postponed some high-yield offerings that were designed to refinance bridge loans, citing market conditions. Pundits widely attributed the weakness to potential oversupply, based on the possibility that both General Motors and Ford Motors would join the speculative-grade universe through downgrading.

To high-yield market veterans, it was disturbingly reminiscent of the early stages of the Great Debacle of 1989–1

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