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Economic Commentary

The High-Yield Debt Market: 1980-1990

Did the collapse of Drexel Burnham Lambert in February signal the end of the high-yield debt market? Considering that the economic forces responsible for creating the market remain in place, it is unlikely that junk bonds will disappear any time soon.

The views authors express in Economic Commentary are theirs and not necessarily those of the Federal Reserve Bank of Cleveland or the Board of Governors of the Federal Reserve System. The series editor is Tasia Hane. This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License. This paper and its data are subject to revision; please visit for updates.

Suggested Citation

Jefferis, Richard , Jr. 1990. “The High-Yield Debt Market: 1980-1990.” Federal Reserve Bank of Cleveland, Economic Commentary 4/1/1990.