Risky lending practices that were a hallmark of the boom years before the financial crisis are staging a comeback as companies take advantage of investor hunger for higher returns.
The issuance of payment-in-kind toggle notes, which give a company the option to pay lenders with more debt rather than cash in times of squeezed finances, has surged recently.
The esoteric debt structures last gained prominence during the leveraged buyout boom that defined the 2006-2007 credit bubble, and their return has raised concerns that markets could once again be overheating.
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