IDEAS home Printed from https://ideas.repec.org/a/bla/jacrfn/v12y1999i1p70-77.html
   My bibliography  Save this article

Recent Developments In The High Yield Market

Author

Listed:
  • Henk Bouhuys
  • Stephan Jaeger

Abstract

After a period of virtually uninterrupted growth stretching from 1994 through the first half of 1998, the high yield market suffered a sudden, jarring setback that led to the widest credit spreads seen since 1991. With the global spread of the Asian flu in August, spreads became so wide that the market for new issues virtually ceased. The most frequently used word to describe conditions in the high yield market during this period was “carnage.” Then, in response to the Federal Reserve's series of rate cuts beginning in late September, the market staged a modest recovery that carried through the end of the year. Since then, the market has experienced several periods of alternating strength and weak ness, and new issuance has moderated relative to the record levels of a year ago. This article examines last year's volatile new issue environment and analyzes recent developments that can be expected to influence financing opportunities for corporate issuers in the near future.

Suggested Citation

  • Henk Bouhuys & Stephan Jaeger, 1999. "Recent Developments In The High Yield Market," Journal of Applied Corporate Finance, Morgan Stanley, vol. 12(1), pages 70-77, March.
    • Handle: RePEc:bla:jacrfn:v:12:y:1999:i:1:p:70-77
    DOI: 10.1111/j.1745-6622.1999.tb00661.x
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/j.1745-6622.1999.tb00661.x
    Download Restriction: no
    File URL: https://libkey.io/10.1111/j.1745-6622.1999.tb00661.x?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jacrfn:v:12:y:1999:i:1:p:70-77. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.