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Global Letter: A tale of toggle PIKs

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Credit market excesses typically occur in times of low interest rates, when investor demand for higher-yielding instruments leads to the creation of asset classes with returns that, in hindsight, were out of line with the risk involved. So it is of at least prima face concern 1...

 

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Global Letter: A tale of toggle PIKs

Credit market excesses typically occur in times of low interest rates, when investor demand for higher-yielding instruments leads to the creation of asset classes