Abstract
This chapter concentrates on the US high-yield bond market as a source of finance for shipping companies. In particular, the anatomy of the US shipping high yield bond market is described in Section 21.2, and the advantages and disadvantages of high-yield bonds for shipping companies are discussed in Section 21.3. Section 21.4 discusses the importance of credit ratings, the pricing of shipping high-yield bonds and their probability of default, and, Section 21.5 concludes the chapter.
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