12/08/2010 05:12 am ET Updated May 25, 2011

Junk-Bond Market Is Booming Like Never Before

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.