Posted by Sean Doyle, October 8, 2010.
"Junk Bonds Are Back On Top" So reads the headline in yesterday's New York Times. Due to historically low interest rates, companies with less than stellar credit ratings are in a mad rush to sell bonds to get financing. According to the Times, in the first nine months of 2010 $275 billion in junk bonds have issued worldwide. That number is up from $163 billion in the year before period, and by the way, an all-time record.
Photo Courtesy of Tina Fineberg/ The New York Times.
"Other than 1988 at Drexel, this is the best time I've ever seen, and it's getting better," said Jim Casey (pictured above), the new junk bond king, who runs the desk at JP Morgan.
Speaking of trash, take a look at this utterly scary jobs chart from the folks at Clusterstock. This nightmare graphic illustrates how truly anemic this post-recession "recovery" has been...
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