Chapter

Participants in the Recovery

Glenn Yago and Susanne Trimbath

in Beyond Junk Bonds

Published in print May 2003 | ISBN: 9780195149234
Published online November 2003 | e-ISBN: 9780199871865 | DOI: http://dx.doi.org/10.1093/0195149238.003.0005
Participants in the Recovery

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The previous chapter discussed the factors that triggered the price collapse of the high‐yield market in the USA in 1989 and 1990. This chapter turns to the question of when and how the first movers returned to the market in 1991 and renewed it from then on with an activity that far surpassed high‐yield bond issuance and performance over previous decades. Year‐by‐year data are presented on the recovery for the US market, which is discussed in detail by economic industries and sectors, and by reference to individual companies. Separate analyses are given of high‐yield bonds during the transition years of 1991, 1992, 1993, and 1994. The chapter ends by briefly discussing the developing non‐US issuance market in the 1990s.

Keywords: bond issuance; bond performance; high‐yield markets; recovery; USA

Chapter.  7023 words.  Illustrated.

Subjects: Financial Markets

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