Emerging market Yankees; overnight swaps; Deutsche's rating tussle; Tobin put to bed. Edited by Peter Lee
October 1, 1996
An emerging markets rush
The yankee bond market, once the preserve of highly-rated foreign borrowers seeking long-term dollar debt, is getting junkier and junkier. By the end of September, $11 billion in high-yield yankee bonds had been issued this year, almost twice the amount during the same period a year earlier, according to Standard & Poor’s. About half the non-investment grade issues were from companies in the emerging market countries of Asia and Latin America. These raised $5.5
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