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Pastimes : Rage Against the Machine
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To: Thomas M. who started this subject10/24/2002 1:54:20 PM
From: Thomas M. of 1296
 
Accompanying the recent plunge to new lows in Treasury yields was stunning news about the boom-era crop of junk bonds. No less than 40% of the speculative-grade debt issued between the start of 1997 and the end of 1999 has already gone into default, according to Fitch Ratings. Michael Lewitt, longtime investor in the junk market (he is general counsel and chief operating officer of Harch Capital Management, Boca Raton, Fla.), predicts that the ultimate rate of default will top 60%.

(from Grant's Interest Rate Observer )
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