Junk bonds are the corporate securities that in the mid-1970s lost their Investment grade status due to a fundamental deterioration in the quality of the opeRating and financial performance of their issuers (also known as "Fallen angels"). Since the late 1970s, this Market has begun to include more newly issued or original issues of emerging or continuing growth companies, with a credit Rating of BB or lower.

(See Chapter 21 Other debt products of the Vernimmen)

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