Where The Junk Biz Is Really Jumping

High-growth companies abroad make for a hot bond market

Last August, Brazil's NetSat Servicos Ltda., a unit of a telecommunications consortium owned by News Corp., Tele-Communications Inc. and Globo, a Brazilian media conglomerate, needed $200 million to bankroll an ambitious satellite-TV startup. Like many entrepreneurial U.S. companies, it turned to the junk-bond market. Yes, the junk-bond market.

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