Abstract
Liquidity is provided in greater amounts and variety each year in the form of junior debt to finance companies. Thus, a significant amount of junior debt now resides with a large number of unrated middle-market companies. Veterans and new investors have arrived at this adventure in unrated debt investing from different backgrounds, skills, and agendas. This article provides a framework for protective action against downside risk in what is a relatively illiquid, covenant-light market where hesitation and uncertainty can cause harm with increasing speed.
- © 2006 Pageant Media Ltd
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