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We buy a junk bond, follow it along a journey of failure and rebirth. : Planet Money Team Indicator buys Cardiff a surprise present. A terrible, extremely risky, but wildly interesting investment. Then it gets interesting. The company that issued the junk bond declared bankruptcy. But that wasn't the end of the story. | Subscribe to our daily podcast, The Indicator here.

Planet Money

We Buy A Junk Bond

We Buy A Junk Bond

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Cardiff & his junk bond.
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Cardiff Garcia/NPR
Cardiff &amp; his junk bond.
Cardiff Garcia/NPR

For a few reasons junk (or high-yield) bonds suddenly became very popular last year. So, Team Indicator went on a mission to learn more the fun way, by... buying a junk bond ourselves. Two bonds, to be precise, worth a total of $600. The bonds were issued by Hornbeck Offshore Services, a family-run oil services company. The interest payments on the bond were so high, Team Indicator gave it a nickname: Becky with the Good Yield.

Since December, a lot has changed. And Hornbeck Offshore Services — they've filed for bankruptcy. But what does that mean for Becky? The answer took us by surprise. This episode: The life, death, and surprising rebirth of a junk bond.

Music: "Selfie Squad," "The Funky Lowdown," "Polar Chill."

Additional Music by Drop Electric.

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