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LevFinLevFin High Yield Bonds

PIK toggle marches into 2014, and marches into loans

Walking businessman 230x150

Will payment-in-kind debt ever lose the power to shock and bewilder? After a short respite, one of high yield’s most controversial creations has returned to the market. Investors are scooping it up like gluttons, but they should be wary of agreeing to ever more aggressive terms.

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