Despite a rocky high yield market that has yielded many defaults, bankers say they’ve been using it to get deals done these days. Just don’t step to the market with piddling deals they contend. For the month of January, high yield defaults totalled $13.2 billion compared with just $3.4 billion last January. McLeodUSA Inc., Global Crossing Inc. and Kmart Corp. accounted for nearly 70% of the volume. In total, 23 companies flaked out on their high yield debt, including seven telecommunications companies such as McLeod and Global Crossing.
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