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The high-yield bond market needs a new name

Two weeks ago, Centene Corporation became the second company this year to issue a 10-year “high-yield” bond with a 2.5 per cent coupon. Two-years ago, the US government would have paid more. 

It’s a far cry from the returns on offer when junk-bond king Michael Milken made a fortune in the nascent market, demanding high interest rates for lending to lower quality companies. 

FT 20 February 2021


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