Last call for junk

high-yield issuance


Following a 12-month period of record issuance beginning in May 2003, the high-yield bond market began waning in the second quarter of 2004. Although issuance remained relatively high compared with previous years, the prospect of increasing interest rates forced investors to reassess their risk appetite for lower-rated debt and caused many companies to reprice or even cancel new deals.

As the threat of rising interest rates grew with reports of an imminent “measured” increase from the Fed

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