with outstanding high-yield debt cover the full spectrum of industry sectors and categories.

There are industrial manufacturers, media firms, energy explorers, homebuilders and even finance
companies, to name a few. The one thing in common indeed the only thing is a high debt load,
relative to earnings and cash flow (and, thus, the non-investment grade ratings). Its how the issuers got
there that breaks the high-yield universe into categoriesMotors in 2005. Indeed, with the automakers combined $80 billion
of
fallen angel corporate bonds entering the market, high-yield has ballooned from around $200 billion in
1995 to roughly $1 trillion in 2006. Steady growth saw only a few notable speed bumps, such as the
savings & loan scandal in the 1980s and the correction after the technology bubble burst