Bank Loans Primer, per the NAIC Capital Markets Bureau

by Jennifer Johnson of the NAIC's Capital Markets Bureau

"Leveraged bank loans are lent to companies with high-yield credit quality (rated below investment grade) by a group of lenders. Within a company’s capital structure, leveraged bank loans rank the highest in terms of payment priorityand are considered senior secured credit. Pricing leveraged bank loans is typically set as a spread based off a reference rate, such as prime or the London Interbank Offer Rate (LIBOR)."

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Bank Loans Primer, per the NAIC Capital Markets Bureau

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