Supply-demand dynamics – too much cash and too few deals – have pushed second-lien spreads down since the credit crisis. Average Spread of Middle Market Second-Lien Loans Source: S&P Capital IQ You may also likeThe Pulse of Private Equity – 7/30/2018Covenant Trends: Distribution of Free-and-Clear Over Pro Forma EBITDAPDI Picks – 10/17/2022Select Deals in the Market...