Debtwire Middle-Market – 2/11/2019

Secured bonds grab larger share of the market


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Source: Debtwire Par

Since the high yield bond market reopened in January, issuance has been marked by a sharp jump in the share of secured bonds. So far, in 1Q19, USD 13bn of secured bonds have priced, representing 45% of overall high yield bond volume, up from 34% last year. In some cases, not only have borrower’s favored secured bonds over unsecured bonds, but also over leveraged loans.