Inside the High Yield Debt Market with Rajay Bagaria
Excess Returns
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The Argument for Leverage Loans
The loan market has had more technical dislocation than the bond market. The CLOs that I talked about being the 70% buyer of loans, they're rating sensitive vehicles. If you buy triple C loans, for example, you can get close to a 20% unlevered yield today. You're getting 400-500 basis points, excess compensation, in our opinion.
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