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Financial product
offer higher yields than investment-grade bonds to compensate for the increased risk. As indicated by their lower credit ratings, high-yield debt entails more
High-yield_debt
Tradeoff between investment return and risk
risk–return spectrum. The general progression is: short-term debt; long-term debt; property; high-yield debt; equity. There is considerable overlap of the ranges
Risk–return_spectrum
Acquisition of a company using a significant proportion of borrowed money
provided high-yield debt financing of the buyouts. One of the final major buyouts of the 1980s proved to be its most ambitious and marked both a high-water
Leveraged_buyout
Non-publicly traded asset
publicly traded investment grade and high yield debt). This has been driven by investor demand for the relatively high yield compared to alternatives and a
Private_credit
Investment fund traded on stock exchanges
focus on government bonds, while others invest in corporate bonds or high-yield debt or focus on specific durations. In the United States, actively managed
Exchange-traded_fund
American author (born 1952)
and political economy. Fridson has been referred to as the "dean of high yield debt." Fridson earned a B.A. cum laude in history from Harvard University
Martin_Fridson
Type of financial instrument
usually exceed the par or issue price. In certain cases, mainly in the high-yield debt market, there can be a substantial call premium. Thus, the issuer has
Callable_bond
Bond issued by a corporation
also reflect liquidity and risk premiums; see Bond credit rating, High-yield debt. In addition to default risk, as outlined above, there are other risks
Corporate_bond
Stock in an unlisted private company
could make a legitimate attempt to take over a company and provided high-yield debt ("junk bonds") financing of the buyouts. One of the final major buyouts
Private_equity
Instrument of indebtedness
of security under which the issuer (debtor) owes the holder (creditor) a debt, and is obliged – depending on the terms – to provide cash flow to the creditor;
Bond_(finance)
Part of an investment
underestimation of risks (by end investors) of asset-backed securities with high-yield debt as their underlying assets. These factors have come to light in the
Tranche
Obligation of repayment without a collateral
unenforceable in court. High-yield debt Unsecured guarantor loan Medical debt Merchant cash advance Peer-to-peer lending Time deposit Credit card debt "UNSECURED LOAN
Unsecured_debt
Type of stock senior to common stock
possessed by common stock, including properties of both an equity and a debt instrument, and is generally considered a hybrid instrument. Preferred stocks
Preferred_stock
Type of bond
bond to stock, a convertible bond typically has a yield lower than that of similar, non-convertible debt. The investor receives the potential upside of conversion
Convertible_bond
American investor and writer (born 1946)
on high-yield debt, distressed debt, and private equity. During the 2008 financial crisis, Oaktree raised $10.9 billion, the largest distressed debt fund
Howard_Marks_(investor)
Defense against a takeover of a company
Retrieved 2019-07-05. "Merger Agreements, Corporate Governance, IPOs, High Yield Debt Covenants, Spin Offs". Deal Point Data. Archived from the original
Shareholder_rights_plan
Financial market where participants can issue new debt or buy and sell debt securities
(also debt market or credit market) is a financial market in which participants can issue new debt, known as the primary market, or buy and sell debt securities
Bond_market
Private equity investment firm
of the company. In particular, debt providers are willing to extend credit in the form of bank loans, high-yield debt and mezzanine capital based in part
Financial_sponsor
Aspect of finance
leverage than issues in the high-yield market; they thus involve additional risk. In compensation for the increased risk, mezzanine debt holders require a higher
Mezzanine_capital
Person who trades stocks
found in finance, including: Bond trader. Floor trader. Hedge fund trader. High-frequency trader. Market maker. Pattern day trader. Principal trader Proprietary
Trader_(finance)
Rate of return of an investment
The yield to maturity (YTM), book yield or redemption yield of a fixed-interest security is an estimate of the total rate of return anticipated to be
Yield_to_maturity
availability of financing, particularly high-yield debt, also known as "junk bonds". The collapse of the high yield market in 1989 and 1990 would signal
History of private equity and venture capital
History_of_private_equity_and_venture_capital
American diversified financial services company
lottery payments in exchange for a lump-sum cash settlement. They also offer debt counseling and negotiation services. The company is known for its television
J.G._Wentworth
Date on which the final payment is due on a loan or other financial instrument
matures. Such instruments include fixed interest and variable rate loans or debt instruments, however called, and other forms of security such as redeemable
Maturity_(finance)
US government security
Agency debt, also known as an agency bond, agency loan, agency security, or "Agencies", is a security, usually a bond, issued by a United States government-sponsored
Agency_debt
Stated value or face value of a financial instrument
bond Fixed rate bond Floating rate note Inverse Inflation-indexed High-yield debt Lottery bond Perpetual bond Zero-coupon bond Bond options Callable
Par_value
Cost of a company's funds
and accounting, the cost of capital is the cost of a company's funds (both debt and equity), or from an investor's point of view is "the required rate of
Cost_of_capital
Intangible asset that derives value because of a contractual claim
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Financial_asset
Type of hybrid security
the option to exchange adds value to an investor. Yield on an exchangeable bond is lower than the yield on a straight bond. "Successful placement by KfW
Exchangeable_bond
Bond issued by a government
generally demand higher yields from riskier bonds; for example, during the Greek government-debt crisis, the spread (difference) in yields between two and ten-year
Government_bond
Analysis of a business's financial statements, health, and market
P/E ratio) simply by increasing the amount of net debt. This can be quickly assessed using the debt-to-equity ratio, the current ratio (current assets/current
Fundamental_analysis
Standardized identifier of financial markets
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Market_Identifier_Code
Security representing ownership of an underlying number of shares of a foreign company
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
American_depositary_receipt
Mass acquisition of low-quality corporate bonds by investors in the late 2010s and 2020
the U.S. yield on these bonds dipped to nearly 5%. This indicates that investors flocking to higher yield have bought so much high-yield debt that it has
Corporate_debt_bubble
early 1990s marked by the collapse of Drexel Burnham Lambert and the high-yield debt market. The beginning of the first boom period in private equity would
Private_equity_in_the_1980s
Fair price of a bond
more liquid instruments. Several related yield measures can then be computed for a given price (see Yield and price relationships). If the market price
Bond_valuation
American private equity investor (1940–2011)
companies such as KKR and Revlon that built their strategy around high-yield debt.[citation needed] Forstmann accurately predicted the worsening of the
Theodore_J._Forstmann
American investment bank
generated more controversy than high yield debt. Some argue that the debt instrument itself, sometimes dubbed "turbo debt", was the cornerstone of the 1980s
Drexel_Burnham_Lambert
Defunct American insurance company
Drexel Burnham Lambert, whereby at the end of 1990 the company-owned high-yield debt, much of it issued through Drexel, with a carrying value of $9 billion
Executive Life Insurance Company
Executive_Life_Insurance_Company
Bond issued by a local government
Taxable equivalent yield calculations are required to make fair comparisons between the two categories. The U.S. municipal debt market is relatively
Municipal_bond
Debt restructuring Debtor-in-possession financing Dividend recapitalization Financial sponsor Leveraged buyout Leveraged recapitalization High-yield debt
Lists of corporate mergers and acquisitions
Lists_of_corporate_mergers_and_acquisitions
American businessman and philanthropist (born 1948)
executives in Los Angeles. Milken is a former senior vice-president in the High-yield debt department for Drexel Burnham Lambert, which was forced into bankruptcy
Lowell_Milken
Form of corporate equity ownership
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Common_stock
Financial derivatives with no optionality
the risk free rate, their delta will be close to 1.[citation needed] Two high-profile cases of losses resulting from rogue trading (those of Jérôme Kerviel
Delta_one
Financial instrument based on business loans
tranches. A CLO is a type of collateralized debt obligation, or CDO. Each class of owner may receive larger yields in exchange for being the first in line
Collateralized loan obligation
Collateralized_loan_obligation
Accounting principle
Deferred financing costs or debt issuance costs is an accounting concept meaning costs associated with issuing debt (loans and bonds), such as various
Deferred_financing_cost
American banker (born 1967)
1989, where she worked in corporate finance, merchant banking, and high-yield debt underwriting. Following her graduation from Harvard Business School
Mary_Callahan_Erdoes
British engineer and businessman (born 1952)
and the freehold of the Antwerp site. From this small base, using high-yield debt to finance deals, Ratcliffe started buying unwanted operations from
Jim_Ratcliffe
Financial derivative product
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Accumulator (structured product)
Accumulator_(structured_product)
Type of financial market
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Spot_market
Analysis of company ownership structure
relevant information related to all of its stakeholders (including debt, convertible debt, option, warrant, and derivatives holders) and their claims on the
Capitalization_table
Financial markets term
individuals may become market makers by simply using or trading the protocol at high volumes and by providing liquidity to the protocol, typically in return for
Market_maker
Company acquisition strategy
use to make legitimate attempts to take over companies and provide high-yield debt financing of the buyouts. Drexel Burnham raised a $100 million blind
Corporate_raid
Highly organized trading market
exchange dealers in France were responsible for controlling and regulating the debts of agricultural communities on behalf of banks. These were actually the
Exchange_(organized_market)
Financial product
A high degree of regulatory control is exercised on the issue of commercial paper. Stand-by credit may become necessary. Like treasury bills, yields on
Commercial_paper
Type of investment
redemption yield of 5% per annum and 30 year US Treasury Bonds have a gross redemption yield of 3% per annum (referred to as the risk free yield), the credit
Fixed_income
American asset management company
only handled equity investments, added a credit team to invest in high-yield debt. In the same year Andrew Ziegler stepped down as executive chairman
Artisan_Partners
American venture capital firm
2015). "Max Levchin's Lending Startup Affirm Raises $275M In Equity And Debt". TechCrunch. Retrieved March 5, 2025. "Spark Capital Leads $275M Investment
Spark_Capital
Sector of finance that manages leverage and risk
levels of seniority. Collateralized debt obligations consolidate a group of fixed-income assets, such as high-yield debt or asset-backed securities, into
Structured_finance
Method to increase a company's shares
the market price per share is so high that it becomes unwieldy when traded. One of the reasons is that a very high share price may deter small investors
Stock_split
Bondholders are ready to pay for such protection by accepting a lower yield relative to that of a straight bond. Of course, if an issuer has a severe
Puttable_bond
Financial market for derivatives
derivatives markets, and mortgage-backed securities (MBSs), a type of securitized debt were notable contributors. The leveraged operations are said to have generated
Derivatives_market
Phenomenon when shorter term bonds yield higher interest rates than longer term bonds
inverted yield curve is a yield curve in which short-term debt instruments (typically bonds) have a greater yield than longer term bonds. An inverted yield curve
Inverted_yield_curve
Application of mathematical and computational practices in finance
dislikes value at risk. Scott Patterson accused quantitative traders and later high-frequency traders. Douglas W. Hubbard notes that the Black–Scholes formula
Financial_engineering
Multinational investment bank headquartered in Switzerland
investment grade and high yield debt offerings, leveraged finance and leveraged loan structuring, and the private placement of equity, debt, and derivatives
UBS
collapse of Drexel Burnham Lambert and had caused the shutdown of the high-yield debt market. This period saw the emergence of more institutionalized private
Private_equity_in_the_1990s
American multinational banking and financial services corporation
years of operation, its strongest investment banking groups included high-yield debt underwriting and Leveraged Finance, in addition to industry coverage
Bank_of_America
Legal document that certifies legal interest
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Stock_certificate
US form of a private limited company
commitment Capital structure Distribution waterfall EBITDA Envy ratio High-yield debt IPO IRR Leverage Liquidation preference M&A PME Taxation of private
Limited_liability_company
Place where stocks are traded
managing and regulating the debts of agricultural communities on behalf of the banks. Because these men also traded with debts, they could be called the
Stock_market
Term used in private equity investing
commitment Capital structure Distribution waterfall EBITDA Envy ratio High-yield debt IPO IRR Leverage Liquidation preference M&A PME Taxation of private
Distribution_waterfall
Financial product
collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets
Collateralized debt obligation
Collateralized_debt_obligation
Market in issued financial instruments
and 2) accurate share price aids the efficient allocation of debt finance whether debt offerings or institutional borrowing. The term may refer to markets
Secondary_market
Listed private equity (LPE)
to invest primarily in middle-market companies in the form of mezzanine debt and senior secured loans, as well as by making direct equity investments
Publicly traded private equity
Publicly_traded_private_equity
Share recorded in the owner's name
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Registered_share
Concept in banking and finance
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Clearing_(finance)
Arbitrage strategy
bond Fixed rate bond Floating rate note Inverse Inflation-indexed High-yield debt Lottery bond Perpetual bond Zero-coupon bond Bond options Callable
Basis_trading
Assets with no value or available markets
these securities is," said Lawrence Levine, director at RSM McGladrey. High-yield debt Subprime mortgage crisis Troubled assets relief program Home equity
Toxic_asset
American investment management firm based in San Francisco
hybrid family office for ultra-high-net-worth clients. Their client base primarily derives wealth from the technology, high finance, and entertainment industries
Iconiq_Capital
Stock trading outside of trading hours
outside regular hours is not a new phenomenon but used to be limited to high-net-worth investors and institutional investors like mutual funds. The emergence
Extended-hours_trading
Shares into which ownership of the corporation is divided
assets (after discharge of all senior claims such as secured and unsecured debt), or voting power, often dividing these up in proportion to the number of
Stock
Debt restructuring Debtor-in-possession financing Dividend recapitalization Financial sponsor Leveraged buyout Leveraged recapitalization High-yield debt
Tobacco_bond
Legal structure for managing investments
generates approximately $110,000 annually to distribute in scholarships to high school graduates and fund special projects in the district, which can not
Financial_endowment
is limited to investment grade securities, including no high-yield debt or emerging market debt. Bond market index Official factsheet FTSE Announcement
Salomon_BIG
Financial derivative
greater chance of shortage, which means a higher convenience yield. The opposite is true when high inventories exist. The relationship between the spot and
Forward_contract
American private equity firm
commitment Capital structure Distribution waterfall EBITDA Envy ratio High-yield debt IPO IRR Leverage Liquidation preference M&A PME Taxation of private
Cortec_Group
Term used in business finance
special situation is one in which a particular development is counted upon to yield a satisfactory profit in the security even though the general market does
Special_situation
Type of equity in finance
Instead, he prioritizes companies with a durable competitive advantage and a high return on capital, rather than focusing solely on revenue or earnings growth
Growth_stock
Type of mutual fund or exchange-traded fund
exclude certain sectors, all with the goal of changing the risk/return and yield. In the U.S., there was $22 trillion invested in index funds as of May 2026
Index_fund
American multinational financial company
2003, large multibillion-dollar U.S. buyouts could once again obtain high-yield debt financing and larger transactions could be completed. Carlyle, together
The_Carlyle_Group
financed by debt might default on interest payments before the R&D proves successful. Debt also adds significant risk to the business entity. Debt financing
SWORD-financing
Professionally managed investment fund
about $17 billion in 1960. The introduction of money market funds in the high-interest rate environment of the late 1970s boosted industry growth dramatically
Mutual_fund
American investment banker (born 1962)
paper salesman, but later transitioned to junk bonds. His exposure to high-yield debt prompted him to join Bear Stearns. At Bear Stearns he was charged with
David_M._Solomon
Type of financial market providing short-term funds
Short-term debt obligations of a national government that are issued to mature in three to twelve months Money funds – Pooled short-maturity, high-quality
Money_market
American portfolio manager and economist
markets. Instead, Bahnsen said Milken be celebrated for developing the high-yield debt market, which he described as innovation that enabled business growth
David_Bahnsen
Trading done directly between two parties
in of most over-the-counter securities., noting that they "are prone to high risk, low liquidity, and potential fraud." Source: OTC derivatives are a
Over-the-counter_(finance)
market Bond valuation Corporate bond Fixed income Government bond High-yield debt Municipal bond Securitization Stock market Common stock Growth stock
Money_market_in_India
In finance, a type of leveraged recapitalization
company's earnings, a dividend recapitalization occurs when a company raises debt —e.g. by issuing bonds to fund the dividend. These types of recapitalization
Dividend_recapitalization
Bonds whose cash flows are indexed to inflation
Inflation-Protected Securities (TIPS) UK Debt Management Office: Index-linked gilts Federal Reserve: TIPS yield curve and inflation compensation data Fabozzi
Inflation-indexed_bond
Program, fund, or scheme that provides retirement income
increasing trend to diversify into alternative assets like commodities, high-yield bonds, hedge funds, and real estate. Newer investment tools for pension
Pension_fund
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