High-yield bonds make big comeback, but rally may be spent
It is one of those rare moments in Leon Wagner's 26 years on Wall Street. Virtually every investment he has made recently has gone up - a lot.
His firm paid 68 cents on the dollar last July for bonds issued by AOL Time Warner Inc. They now fetch 113 cents on the dollar.
Bonds from Sprint Corp., Muzak Holdings LLC and Nextel Communications Inc. are just a few others that also have seen considerable jumps. "What's working?" says Mr. Wagner,
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