High Yield 2000: A View from the Rail

By Alan Ginsberg, Director of High Yield Research, Scotia Capital (USA) Inc.

When I was still a boy, my father told me that the only people who made money at the racetrack were the guys who sold the hay and shoveled the manure. Only since I joined Wall Street as a high yield-shipping analyst have I begun to appreciate how prescient my father’s remarks were.

This past racing season (read year) has largely been an extension of the prior season: too few winners and too many losers. It is a far cry from 1997 when owners (prospective issuers) were jostling with one another to get to the track (high yield market) first.

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