The spigot is open, with April seeing $11.5B in "covenant-lite" loans issued to junk-rated companies, up from $3.6B in the entire 1st quarter. Banks are able to make these loans because they're finding it easier to repackage them and unload them to investors desperately searching for yield. While the music's playing, you gotta dance!
The spigot is open, with April seeing $11.5B in "covenant-lite" loans issued to junk-rated...
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