Defaults and Returns in the High Yield Bond Market: The Year 2005 in Review and Market Outlook
Journal of Applied Research in Accounting and Finance (JARAF), Vol. 1, No. 1, p. 3, 2006
31 Pages Posted: 9 Nov 2006
Dr. Altman has earned an international reputation as an expert on corporate bankruptcy, high yield bonds, distressed debt and credit risk analysis. In this article, Altman and his team provide a comprehensive review of the 2005 high yield bond market. The article provides detailed long-term analysis of the US market, as well as trends in default, bankruptcy, recovery and returns for investors. Against this historical backdrop, the article offers some guidance on expected default rates and market performance in the burgeoning high-yield distressed bond market.
Keywords: Corporate bonds, bankruptcy, distressed debt
JEL Classification: G33, G34
Suggested Citation: Suggested Citation