Late Night Debt Question
Hey guys, I rarely work in anything related to nuances in debt, and I'm here all night working through a project that requires a better-than-decent understanding. Brilliant.
My questions are related to classification, so not bad...but resources online aren't super clear:
Are investment grade syndicated loans senior secured or unsecured? What about leveraged syndicated loans? Also, how does this differ from investment grade and junk bonds?
Finally, are revolver, Term-A, Term-B, etc. always fall under the umbrella of either investment grade or leveraged? If so, which one? If not, does it just all depend on the loan specifics and the market's appetite for credit?
Really appreciate it. Crossing my fingers someone from Lev Fin is on here...