Bifurcated unitranche vs 1L/2L
From my understanding, unitranche loans will be more convenient for the issuer.
For the banks and bond investors who are making the loans, is the 1L/2L vs. unitranche structure that different for them? As in 1L/2L and first-out/last-out sounds fairly similar for the lenders. Is that the right way to think about it?