Return of the loan market

Leveraged loans

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The high-yield bond market may seem an attractive proposition for investors focused on current income, but over the past year, savvy accounts have picked up on a less well-known alternative: the market for syndicated leveraged loans. Buoyed by ebbing defaults, surging asset prices and low volatility, the loan market is riding a wave of its own, generating risk-adjusted returns that outpace other asset classes.

Between October 2002 and September 2003, the leveraged loan market returned 8.96%, or n

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