The Raw Deal


Just last month, Credit reported concerns that high-yield investors were taking on too much risk for too little reward by buying payment-in-kind (Pik) deals. The sell side was broadly unsympathetic: one banker went as far as to claim that the whole controversy over Pik deals was merely the result of bored journalists scrabbling for something to write about in a super-tight technical environment.

What a difference a month makes. The rug has been pulled out from under the high-yield

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