Chase Manhattan Corp.'s securities subsidiary ranked an unimpressive 18th among U.S. underwriters of high-yield "junk" bonds in 1993. So skeptics can be forgiven for scoffing when Chase says it intends to be one of the top five players in the junk bond market within four short years.

But Kathylynn O'Donnell, 38, the street-smart, no-nonsense executive vice president who runs all of Chase's capital markets businesses, insists it can be done.

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