If fear was a three-letter word, it would be spelled LBO. At least it would in the corporate bond markets. There are few things short of bankruptcy that are more detrimental to the interests of unsecured creditors than leveraged buyouts. Given that LBOs are much more difficult to predict than most bankruptcies, it is little wonder that they cause such a level of paranoia among investors.
That level of paranoia is currently at an elevated state and continues to rise as bondholder