junk bond

noun Finance.
any corporate bond with a low rating and a high yield, often involving high risk.


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World English Dictionary
junk bond
finance a security that offers a high yield but often involves a high risk of default

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Credit crisis sends businesses into junk bond limbo.
It will also be good for the junk bond market as people scramble to find yield
  in an attempt to make ends meet.
Junk bond mergers and acquisitions left many workers worse off as they made a
  few well connected executives enormously wealthy.
Exercise caution when considering investing in funds with junk bond portfolios.
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