Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for … large investment grade bond trades, relative to before the crisis, and are better for all bond types and trade sizes …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield …

Price-based liquidity metrics are better in 2013-2014 for small trades and large high-yield bond trades, but not for … large investment grade bond trades, relative to before the crisis, and are better for all bond types and trade sizes …-crisis liquidity could be low when markets are stressed. We consider three stress events: extreme VIX increases, extreme bond yield …

In contrast to bonds, levered loans do not require SEC registration. We show that this distinction plays an important … role in firms' choice between funding through loans and bonds and helps understand why the market share of cov-lite loans … has increased so much. Compared to cov-heavy loans, cov-lite loans are close substitutes for bonds in that they have …

In contrast to bonds, cov-lite loans do not require SEC registration and are not subject to securities laws. We show … that this distinction plays an important role in firms' choice between funding through cov-lite loans and bonds and helps …-lite loans are closer substitutes for bonds in that they have similar covenants, have tighter bid-ask spreads, have more trading …