Buyers searching for yield. Take a look at the current state of covenant light loan and leveraged loan markets. They assumption should be based on the winners p

Buyers searching for yield. Take a look at the current state of covenant light loan and leveraged loan markets. They assumption should be based on the winners paying for the losers, just like in VC, but it isn’t clear that the yields are high enough now to make up for it. Consider the alternative for where people can park their money - sovereign debt paying effectively zero paid for in an inflationary currency. There is logic here. It isn’t great, but it’s there.