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Fixed Income
~60s
Products & Market Microstructure
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Fixed Income Trading
Which statement best describes a typical leveraged loan versus a typical high-yield bond?
A
Loans and HY bonds are identical except for currency
B
Loans are often floating-rate and senior secured, typically implying higher recovery than HY bonds
C
Loans are always investment grade while HY bonds are always distressed
D
Loans have higher fixed-rate duration than HY bonds
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