Inside the High Yield Debt Market with Rajay Bagaria
Excess Returns
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The Future of Private Equity Refinances
I'm just thinking like, if rates stay higher for longer and these companies that borrowed at low rates in the past have to refinance this at higher rates. That could be sort of an issue headwind for some of these companies where maybe the business of cash flow isn't...they're not high-quality businesses. Yeah, it's a very big issue. I think where we're seeing this real time are in the 2021 buyouts. There was so much inflation in purchase price multiples and PE was paying very big prices because they were getting very cheap borrowings. It's just a completely different underwrite and what do you do? On the good news standpoint, the maturities
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