Other terms for high-yield, such as speculative-grade and junk bond, have given the asset class

some negative connotation over the years, but high-yield has matured into a solid 20% of the overall
corporate bond market, which itself is estimated at roughly $5 trillion, larger than both the U.S.
Treasury market ($4 trillion outstanding) or the munamount due at maturity in a timely manner. Thus, these companies
must offer a higher interest rate and in some cases additionalvia M&A, perhaps), working capital or
other cash flow purposes.
The non-investment grade ratings lower than BBB- by Standard & Poors, Baa2 by Moodys and
BBB- by Fitch suggest a higher chance of an issuer default, wherein the company