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Beyond Junk BondsExpanding High Yield Markets$
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Glenn Yago and Susanne Trimbath

Print publication date: 2003

Print ISBN-13: 9780195149234

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0195149238.001.0001

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Where Do We Go from Here?

Where Do We Go from Here?

(p.3) 1 Where Do We Go from Here?
Beyond Junk Bonds

Glenn Yago (Contributor Webpage)

Susanne Trimbath

Oxford University Press

This short introductory chapter provides a brief analysis of the high‐yield (junk bond) market in the USA in 2001 and 2002, discussing the multitude of influences upon it, including the September 11, 2001 terrorist attacks. It notes that any attempt to compare the impact of these attacks with previous historical events will be flawed because the combination of an act of war committed in the USA at the time of a recession has never before occurred. A table is presented that attempts to sort out the positive and negative effects of individual events and circumstances on the market for high‐yield securities, and a summary is given of the immediate damage to the credit markets in September 2001. It is suggested that there is at least anecdotal evidence of large cash positions sitting on the sidelines globally, so that any recovery could be significant.

Keywords:   credit markets, high‐yield markets, junk bonds, recession, September 11 (2001), terrorist attacks, USA

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