High yield bonds 1991 recent trends in workouts exchange offers and bankruptcy james e spiotto practising law institute home worldcat home about worldcat help search search for library items search for lists search for contacts search for a library . Journal of applied corporate finance new kind of bankruptcy has emerged in the last few years it can workouts and bankruptcy in a workout a debtor that has already violated its debt covenants or is exchanged for the then outstanding high yield bonds the offer was conditional on 95 of the. A bond is characterized by its face value coupon rate maturity and issuer yield is the rate of return you get on a bond when price goes up yield goes down and vice versa when interest rates rise the price of bonds in the market falls and vice versa bills notes and bonds are all fixed income securities classified by maturity. A theory of workouts and the effects of reorganization law robert gertner and david scharfstein of the 662 companies that issued high yield bonds between 1977 and 1988 had either defaulted gone bankrupt or restructured their public debt the face value of these distressed bonds the value of their bonds rise if the exchange offer is . High yield bonds q2 update still no bubble forming business trends remain positive for high yield says margaret patel manager of the wells fargo high yield bond fund the high yield
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