In 1977,________ pioneered the concept of selling new public issues of junk bonds for companies that had not yet achieved investment-grade status.

Question

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Michael Milken is widely recognized as the pioneer of junk bond market. He was then working at Drexel Burnham Lambert, and his idea of selling high yield bonds to raise funds for companies that were not yet considered investment grade proved to be a game-changer in the finance industry.

In 1977,________ Pioneered the Concept of Selling New Public Issues