High Yield Debt Market

This section is organized into four subsections that examine the structure, risks, and underlying factors of high-yield debt:

1. High-Yield Debt Considerations
   Reviews the key characteristics of high-yield lending, including typical borrower profiles, pricing dynamics, and market trends that influence investor decisions.

2. Tranche-Level Risk Considerations
   Analyzes how risk is distributed across senior and subordinated tranches, focusing on repayment priorities, expected losses, and sensitivity to market conditions.

3. Asset Characteristics in High-Yield Debt
   Explores how the volatility, cash flow stability, and other underlying asset factors affect the performance and risk profile of high-yield loans.

4. Fundraising Trends in High-Yield Debt Funds
   Summarizes annual capital raised, number of funds closed, and average fund size for high-yield debt funds from 2006–2025.