On the Fritz

Martin fridson

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In Corporate Finance 101 we learned that firms raise long-term capital to finance long-lived assets. Therefore, as long as corporations continue to build factories and buy machinery, investors can count on a supply of corporate bonds for their portfolios. Because the suppliers of capital and the providers of capital depend on each other, they come to the negotiating table with roughly equivalent power as they proceed to hammer out terms.

Recent experience in the high-yield bond market has un

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