(Bloomberg) It can be very lucrative to access exclusive corners of U.S. debt markets. For example, private corporate bonds and loans, which are typically made by direct lenders to small and mid-sized companies, pay higher yields, on average, than publicly marketed debt. They also typically offer better protections against irresponsible borrower behaviors. This has remained the case as yields on widely traded bonds and loans have plunged near record lows.
Private Debt Markets Hide Hedge-Fund-Like Risks
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