High Yield Bonds:

Nature of the Market and Effect on Federally Insured Institutions

GGD-88-75: Published: May 1, 1988. Publicly Released: May 1, 1988.

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In compliance with a legislative requirement, GAO held a joint public hearing with the Security and Exchange Commission, Federal Home Loan Bank Board, Comptroller of the Currency, Federal Reserve System, Federal Savings and Loan Insurance Corporation, Federal Deposit Insurance Corporation, Department of the Treasury, and Department of Labor concerning the nature of the high yield bond market and its effect on federally insured institutions.

Various representatives of academia, bond rating services, bond issuers, savings and loans institutions, and mutual fund managers provided their views on: (1) direct investment in high yield bonds; (2) the benefits of high yield bonds; (3) thrift institutions' investments in high yield bonds; (4) the assessment of default risk and the credit quality of U.S. corporations; (5) use of high yield bonds for corporate financing; and (6) government regulation of high yield bonds.

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