High-yield bond market
1977Notable
Investment banks begin underwriting new bonds rated below investment grade. Drexel Burnham Lambert dominates the market, which funds the 1980s takeover boom.
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Longest chain: The Big Bang → First atomic nuclei form → First stars ignite → First galaxies assemble → Milky Way takes shape → The Sun forms → Earth forms → First oceans → First life → Photosynthesis evolves → Great Oxidation Event → Complex cells (eukaryotes) → Multicellular life → First animals → Cambrian Explosion → First vertebrates → Jawed fish → Lobe-finned fish → Fish walk onto land → The amniotic egg → The Great Dying → Dinosaurs appear → End-Triassic extinction → Pangaea breaks apart → Paleocene-Eocene Thermal Maximum → Early primates → First anthropoid primates → Apes split from monkeys → Great apes split from gibbons → Human line splits from chimpanzees → Walking upright → First stone tools → Genus Homo appears → Homo erectus → Control of fire → Habitual fire and cooking → Homo sapiens appears → Complex language → Natufian villages → Oldest known bread → Agriculture begins → Irrigation → Uruk and the first cities → Cylinder seals → Writing (cuneiform) → Egyptian hieroglyphs → The alphabet → Phoenician alphabet → Greek alphabet → Solon's reforms → Athenian democracy → Trial and death of Socrates → Plato's Academy → Aristotle's Lyceum → Alexander's conquests → Death of Alexander and the Hellenistic kingdoms → Seleucid Empire founded → Parthian Empire founded → Sasanian Empire → Birth of Muhammad → Muhammad's first revelations → The Hijra → Conquest of Mecca → Death of Muhammad and the Rashidun caliphate → Arab conquests → Abbasid Caliphate → Battle of Talas → Paper reaches the Islamic world → House of Wisdom → Al-Khwarizmi and algebra → Fibonacci's Liber Abaci → Bills of exchange → Medici Bank → Double-entry bookkeeping → Muscovy Company → English East India Company → Seven Years' War → Stamp Act → Boston Tea Party → American Revolution → Declaration of Independence → Articles of Confederation ratified → Shays' Rebellion → U.S. Constitution → Louisiana Purchase → Austin's colony in Mexican Texas → Texas Revolution → United States annexes Texas → Mexican-American War → Compromise of 1850 → Kansas-Nebraska Act → Lincoln elected president → Fort Sumter → U.S. Civil War → National Banking Act → Federal Reserve → Great Depression → Securities and Exchange Commission → High-yield bond market
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