June 14, 2023
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Managing known unknowns in the high yield market
Managing known unknowns in the high yield market
Listing the risks in a bond issue is a relatively straightforward task since every prospectus includes an extensive compilation of disclosures. However, it is crucial to differentiate between risks that can be reasonably estimated and priced and those that, due to their inherent nature, are extremely challenging to quantify. Certain industries are particularly susceptible to “tail risks,” which can result in exceptionally severe losses.
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