High-yield bonanza

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Bankers at Bear Stearns are expecting record levels of high- yield bond deals in the US this year. The bank predicts that dollar-denominated new issues could reach $100 billion in 2002 compared with $77 billion last year, a jump of 30%.

Michael Taylor, high-yield strategist at Bear Stearns in New York says refinancing needs and low US interest rates – at 1.75% – are both likely to lift new issue volumes. Low interest rates are encouraging US investors to look for lower-rated instruments that

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