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In the meantime the underlying debtors have defaulted on at least $120m, and the value of bonds rated below investment grade has ballooned from $196m to over $1 billion.
Similar(59)
The official estimate of the amount banks are owed by debtors who cannot pay has risen to $150 billion, and the value of the collateral underlying many of the loans -- stocks and real estate -- has been dwindling.
Yields rise as the price of the underlying bonds falls, so the fact that yields are lower suggests that investors have more confidence in the debtor's ability to repay its borrowing.
The underlying lesson?
Change the underlying context.
Think underlying drivers.
Underlying growth potential suffers.
Underlying Securities 1.
The underlying technology?
Underlying color.
Treat underlying conditions.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com