8.3 Coupon Bonds, Current yield, and Yield to Maturity

High yield bonds may be either unsecured or secured and may be either first lien or second lien debt. If the high yield bonds are first lien debt, they will share pari passu with bank debt in the proceeds from the sale of any collateral, i.e. will not be subordinated to such bank debt with regard to the collateral. ................
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