The modern high-yield bond market which began a quarter-century ago is the offspring of a successful, if sometimes rocky, marriage. Mutual funds seeking maximum income hooked up with basic-industry companies fleeing from the restrictive covenants imposed by private lenders. As a rule, fixed coupons were a trait of this union’s issue.
Floating-rate instruments traditionally held little appeal for investors who had no specific, interest rate-sensitive liabilities to match. The upward-sloping yield