The market for high-yield securities, as junk bonds are more politely known in the business, is booming as never before. And Mr. Casey, one of today's junk-bond kings, is in the midst of a run unlike anything Mr. Milken saw from his X-shaped trading desk in Beverly Hills.
Like many blue-chip corporations, companies with less-than-sterling credit are rushing to sell bonds and take advantage of low interest rates.
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