How do people know where debt is "trading at"
When someone says e.g. UnitedHealth's (UNH) senior debt is trading at 60 on the dollar where do they get the 60 from? Is there a way I can find that without bloomberg - such as a yahoo fin/google fin?
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I don't think corporate bond interest rates are widely available, but in the context of an interview problem or something, let's say a company is restructuring and has assets of 300 w/ 200 of first lien debt and 200 of second lien debt. In the event of a liquidation, the first lien debt would receive all 200 back, so it's trading at par. The second lien debt would only receive 100/200 of their claim, thus meaning it trades at 50 cents on the dollar.
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