Bargain hunters spread to Europe
What’s in a name? The whole reputation of the corporate debt market, if the banks are to believed. They argue that ‘high-yield debt’ equates to a dynamic, thrusting new market with eager investors, enterprising issuers and bigger fees for the banks. But ‘junk bonds’ conjures up nasty images of hostile leveraged buy-outs, the collapse of Drexel Burnham Lambert and the disgrace and imprisonment of junk-bond pioneer Michael Milken.
“People generally stopped referring to them as junk bonds at least six or seven years ago,” says Michael Browne at Citicorp.
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