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junk bonds

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Technically known as bonds of “less than investment grade,” they are short-term, high-yield bonds. They were widely used in the 1980s to finance mergers, especially hostile ones.

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The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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