Inside the High Yield Debt Market with Rajay Bagaria
Excess Returns
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The Origins of the High Yield Market
In 1977, Drexel brought a bond to the market for Texas International and that was really the first primary issuance in the high yield market. The returns from those early vintages were very good such that it attracted new buyers into the space. Paul Volcker around that time was very critical of high yield. He tried to get the Fed to curb the issuance of high-yield bonds.
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