Investment Grade Unsecured Bonds vs. HY Secured Loans
I have a question:
what performed better through the financial crisis or is a safer investment?
this is a generalization. Investment Grade unsecured bonds or HY secured loans?
Depends on a variety of factors - give us more info on maturity, call options on bonds, prepay on loans, etc etc - term loans? Tranche? Seniority? Capital structure? Missing so much.
Industry dependent as well... for example, IG senior unsecured bonds in the utilities industry probably outperformed HY secured loans in the consumers industry...
I'd say, for a generalization, you have to at least lay out maturity, capital structure and industry to start...
Not exactly what you're looking for:
http://guggenheimpartners.com/getattachment/40465b6b-cd79-4dc3-af90-0a0…
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