I suppose it makes sense: the Leveraged Loan market has been going gangbusters for a while now. If the choice was between a startup and an experienced junk-rat

I suppose it makes sense: the Leveraged Loan market has been going gangbusters for a while now. If the choice was between a startup and an experienced junk-rated company - I guess for those risk averse investors in this low-yield environment - the latter would be a wiser investment. One can achieve a much faster profit if the firm borrows for share buybacks, dividend recaps, etc. But in theory, this is good for startups. While lower-rates are crowded out, there are much more willing buyers (other companies) for the startups - more supply, limited demand, higher price: higher valuation.