CHAPTER 8

Case Studies

Now that we have gone over the theoretical underpinnings of high yield investing, it is time to take a look at how these principles may play out under real market conditions. Two fascinating case studies will be used for this purpose. On the distressed side, the bankruptcy of the nonprofit National Benevolent Association will be discussed. The “fallen angel” type of high yield opportunity will be illustrated by the case of Denver International Airport bonds.

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