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Credit Suisse
Time will tell whether the leveraged finance market of the past 12 months has been a bubble that will burst painfully for over-leveraged companies and unwise investors. Certainly, financial sponsors have pushed their banks beyond any previous boundaries to pile up large amounts of low-cost debt, including at the holding company level with minimal claims for its providers on cash-generating operating assets. Investors, far from resisting, have been chasing yield.
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