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Offerings of paid-in-kind (PIK) notes (interest payments are made with more bonds, not...

Offerings of paid-in-kind (PIK) notes (interest payments are made with more bonds, not cash) of $2.1B in just the last 30 days account for more than one-third of the entire year's issuance. "You only hear about PIK bonds when the high-yield markets are really frothy," says a fixed-income fund manager.
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  • MexCom
    , contributor
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    Just like the junkie on the corner that gets the kids to trade up to harder stuff with a special deal. Hey with yields about to dive, what can be better to schmeer them with PIKs as an incentive to compound your high yield for a better high.
    11 Oct 2012, 01:41 PM Reply Like
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