The Big Interview - Tim Polglase

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Investors are getting nervous about covenant-lite loans. Data from Standard & Poor's LCD unit shows that nearly $50 billion in cov-lite loans was arranged in the first quarter of 2007 alone - more than double the total volume for the whole of 2006. Private equity firm Kohlberg Kravis Roberts set a record with plans for $16 billion of cov-lite financing for its buyout of First Data Corp in May. That same month, Anthony Bolton, a veteran fund manager at Fidelity Investments, famously warned ab

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