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What does high-yield bond mean?

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high-yield bond
Noun


A public debt instrument with a S&P’s or Fitch rating of BB+ or Moody’s Ba1 rating or below, it being considered risky with regard to the issuer’s capacity to pay interest and repay the principal, with incurrence rather than maintenance financial covenants and is commonly structurally subordinated without being contractually subordinated.

Synonym(s): 
  • junk bond; speculative-grade bond.
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