Word: yield
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Dates: during 1980-1989
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...clock at the racquet club." The dogged Milken soon discovered that junk bonds could provide much needed capital for medium-size companies that were unable, because of their size, to issue investment-grade debt. Other firms, notably Lehman Bros., had already tried minting bonds that were high yield from the outset. But Milken was the first to build a market for the bonds by finding hungry customers among institutional money managers, who must constantly search for higher returns on their investments...
...risks of the off-season occasionally yield an unexpected reward. Travelers are well advised to pack an umbrella and waterproof shoes -- but it may just turn out that they aren't needed after all. There are few pleasures greater than Indian summer in November or a pale, warm winter week after Christmas in which to savor the sights that in summer are all too often lost...
That third bloc could materialize because Israel's cumbersome proportional- representation system allocates disproportionate political power to small parties -- a mere 1% of the popular vote, roughly 20,000 ballots, can yield a Knesset seat. Once again the system prevented the country from electing a strong, united government. As Gad Ya'acobi, a Laborite and Minister of Economics and Planning, noted, "We have institutionalized the tyranny of the minority." To put together a slim majority, Shamir will have to accommodate not only the four religious parties but also three extreme-right secular factions whose platforms all advocate annexing the occupied...
...Labor a junior partnership in a rejiggered grand coalition. Many Labor leaders want no part of such a deal, but neither are they willing to seek a lesser coalition with the small parties. Declared Energy Minister Moshe Shahal: "It would be better to spend some time in opposition than yield to ultra-religious and ultra- nationalist demands." For Shimon Peres, either choice would be humiliating. After three campaigns in which he failed to deliver a Labor victory, pressure is growing on him to step aside as party leader. For now he is saved by the lack of a credible alternative...
Talks then stalled over KKR's insistence that Drexel Burnham Lambert manage the buyout's junk-bond financing. KKR contends that only Drexel has the savvy to sell the record $5 billion in high-yield bonds that is needed. But RJR Nabisco's managers are concerned that the buyout could be jeopardized if Drexel and Michael Milken, its junk-bond wizard, are indicted for securities fraud, which is expected to occur soon...