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Speculative-Grade Bond

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Speculative-grade bond
Bond rated Ba or lower by Moody's, or BB or lower by S&P, or an unrated bond.
High-Yield Bond
A bond with a low rating. Bonds rated less than Baa3 by Moody's or BBB- by S&P or Fitch are considered high-yield bonds. They have higher yields because they have a higher risk of default on the part of the issuer. High-yield bonds are considered sufficiently high-risk that the law does not allow banks to invest in them. They are also called low-grade bonds, and, informally, junk bonds.
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Measured on a dollar volume basis, the global speculative-grade bond default rate closed at 16.
Moody's: global speculative-grade default rate increases to 10.1 per ... by CPI Financial
Few speculative-grade bonds were issued during 1990-1991, causing the fraction of callable bonds to be affected by small sample problems.
Alternative tests of agency theories of callable corporate bonds by Crabbe, Leland E.; Helwege, Jean / Financial Management
Before the 1980s, few new speculative-grade bonds (bonds rated below Baa3 by Moody's Investors Service or below BBB- by Standard and Poor's Corporation) were publicly offered because most investors shied away from their higher risk of default.
Recent developments in corporate finance by Prowse, Stephen D. / Federal Reserve Bulletin
 
 
 
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