Controversial lending practices that proliferated ahead of the financial crisis have made a comeback this year as investors flock to corporate debt that offers either higher yields or the promise of being pegged to potentially rising central bank interest rates.
So-called covenant-lite loans that strip out safeguards for investors, dividend deals in private equity-controlled companies, and a third class of instruments, payment-in-kind toggle notes, were widely criticised as part of the easy lending that led to the credit crunch.
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