nobody involved in buy/selling High-Yield debt uses the term 'Junk'. It's a term from the 80s before every major investment bank serviced that market. Even the journalists at bloomberg are spinning clickbait language, sheesh ...
The term is often used in the financial press: http://lexicon.ft.com/Term?term=junk-bond
https://www.wsj.com/articles/near-junk-illinois-to-sell-more...
when major banks/investors refused to deal with BBB or lower they called it 'Junk'. When they realized 1) the credit risk can be safely managed with modern financial theory and instruments 2) there was money to be made ... they quickly adopted it and had to figure something out to drop the 'Junk' pejorative.
Do you know any good resources, books included, but especially sites that go beyond the theory and into the day to day lingo at a bond desk ?